Don't miss

Replay


LATEST SHOWS

ENCORE!

Film show: 'Southside With You', 'Nocturama' and remembering Gene Wilder

Read more

MIDDLE EAST MATTERS

US voices concern over Turkey's offensive in Syria

Read more

THE INTERVIEW

‘Paris committed to Syrian peace,’ French FM tells FRANCE 24

Read more

IN THE PAPERS

Valls, Marianne and naked breasts

Read more

IN THE PAPERS

Macron (metaphorically) kills his father

Read more

THE DEBATE

France Ambassadors Conference: Hollande outlines foreign policy priorities (part 2)

Read more

EYE ON AFRICA

Somalia: Car bomb outside presidential palace kills at least 10

Read more

MEDIAWATCH

Socialists complain of Macron's 'betrayal' of Hollande

Read more

THE DEBATE

France Ambassadors Conference: Hollande outlines foreign policy priorities (part 1)

Read more

Britain to introduce new banking bill

Latest update : 2008-09-22

Britain's Finance Minister Alistair Darling told the Labour Congress he would submit a new bill to reform the country's banking system in two weeks to curb global financial turmoil.

Britain is to introduce legislation to reform the banking sector in two weeks' time, to help stem global financial turmoil, finance minister Alistair Darling said Monday.

Darling said the bill would be about "strengthening the supervision of the banking system, making it easier to intervene if a bank gets into trouble (and) giving new powers to the regulators."

In a keynote address to the ruling Labour Party's annual conference, Darling said the new banking reform bill will be introduced when the House of Commons returns from its summer recess at the start of October.

He added that the government would also be giving new protection to savers and that he had asked the independent Financal Services Authority (FSA) regulator to "review urgently" how to improve the system.

"I can promise that wherever weaknesses are found in the financial system -- whether in the powers of government, the Bank of England, or the FSA -- I will take steps to deal with it," he said.

In a frank assessment of global economic problems, Darling said it would take some time for the current uncertainty to resolve. "We are on a difficult road, and there will, I am afraid, be bumps along the way," he said.

Date created : 2008-09-22

COMMENT(S)