Alastair Darling has announced that there are to be radical changes to Britain’s banking regulations to prevent a repeat of the Northern Rock saga. The Treasury chief said the changes were designed to create financial stability and give greater protection to depositors . It has been said that Britain is unique in its vulnerability to seeing a run on a bank, though that should no longer be the case under the new regulations.
The changes consist of five major objectives: strengthening the stability of the financial system, reducing the likelihood of banks facing difficulties, reducing the impact if a bank gets into trouble, improving deposit guarantees to boost consumer confidence, and strengthening the Bank of England .
Meanwhile, Bank of England Governor Mervyn King has been reappointed for a second five-year term in his role.
Darling Announces Changes to Britain's Banking Regulations
Darling Announces Changes to Britain's Banking Regulations
Wed, 06 Feb 2008
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