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Osborne gives Bank greater powers Osborne to give Bank more power
(about 1 hour later)
Andrew Bailey, currently chief cashier at the Bank of England, will become his deputy in the new regulator.
The chancellor also confirmed that the government would introduce a bank levy and "demand further restraint on pay and bonuses".
'Same coin'
Gordon Brown, made chancellor when the Labour Party won the 1997 general election, created the FSA following criticism that the Bank of England had failed to sufficiently regulate the UK's financial system.Gordon Brown, made chancellor when the Labour Party won the 1997 general election, created the FSA following criticism that the Bank of England had failed to sufficiently regulate the UK's financial system.
But in recent years critics have said the problem with the system was that it was not clear who would be in charge in a crisis and the tripartite financial authorities needed to communicate better with each other. But there was criticism of Mr Brown's move from people who thought the change gave far too much power to a single body. The FSA also came in for criticism for not doing enough to prevent or limit the crisis in the financial markets.
The FSA, in particular, also came in for criticism for not doing enough to prevent or limit the crisis in the financial markets.
The governor of the Bank of England, Mervyn King, welcomed the new powers given to the Bank by the new government.The governor of the Bank of England, Mervyn King, welcomed the new powers given to the Bank by the new government.
"Monetary stability and financial stability are two sides of the same coin. During the crisis the former was threatened by the failure to secure the latter," Mr King said in his speech, which followed the chancellor's."Monetary stability and financial stability are two sides of the same coin. During the crisis the former was threatened by the failure to secure the latter," Mr King said in his speech, which followed the chancellor's.
Should the Bank of England play a greater part in regulating the UK financial sector? What would you like to see in next week's Budget?