Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

Startled startups flee UK ahead of Brexit

Read more

IN THE PAPERS

What's next for Yemen?

Read more

IN THE PAPERS

French Guiana: 'A powder keg abandoned by the state'

Read more

FRANCE IN FOCUS

French presidential election: Over 40% remain undecided

Read more

EYE ON AFRICA

ICC orders former DR Congo warlord to pay damages to victims

Read more

MEDIAWATCH

Trumpcare falls before first hurdle

Read more

THE WORLD THIS WEEK

Westminster Attack, Abadi in Washington (part 1)

Read more

THE WORLD THIS WEEK

Obamacare, Europe's Unholy Alliances, Martin McGuinness (part 2)

Read more

INSIDE THE AMERICAS

Export bans hit Brazil amid tainted meat scandal

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)