Dear chancellor, political point scoring is no way to reform financial regulation
Alex Aldridge in the Guardian: George Osborne’s merger plans for the Financial Services Authority and Bank of England are no safeguard against future economic crises
“Shuffling the deckchairs” is the phrase that invariably crops up when you talk to City lawyers about the imminent overhaul of the UK’s framework of financial regulation.
George Osborne‘s view is that separating the Financial Services Authority from the Bank of England was central to the 2008 global economic meltdown. Few agree. Certainly, the chancellor’s plan to effectively merge the FSA and the Bank, and then stick what’s left over into a mixture of existing and new bodies, is no safeguard against future economic crises.