Reforming Financial Markets

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 12:33 pm on 8th July 2009.

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Photo of Michael Fallon Michael Fallon Chair, Treasury Sub-Committee 12:33 pm, 8th July 2009

The Chancellor seems to have trebled the confusion over responsibility for financial stability by spreading it between the Bank of England, the FSA and the new council for financial stability. Will he explain what powers the new council will have? Page 138 of the White Paper seems to give it three new statutory duties just to discuss risk.