Open

Coming up

Don't miss

Replay


LATEST SHOWS

ENCORE!

All the fun of the FIAC: Contemporary art fair rolls into town

Read more

THE INTERVIEW

Whistleblower James Wasserstrom slams UN over its failure to fight corruption

Read more

LIFESTYLES

New garden concepts

Read more

FOCUS

Indian uranium mines take heavy toll on locals and environment

Read more

WEB NEWS

Calls for Mexican president to resign gain traction

Read more

INSIDE THE AMERICAS

Brazil: The battle for undecided voters

Read more

BUSINESS DAILY

Drugmakers to join forces in tackling Ebola

Read more

DEBATE

Rape as a weapon of war: How to stop impunity in eastern Congo? (part 2)

Read more

DEBATE

Rape as a weapon of war: How to stop impunity in eastern Congo?

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)