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 Susan Kramer Susan Kramer Liberal Democrat, Richmond Park 12:33 pm, 8th July 2009

The Chancellor made no mention of the credit rating agencies, but they are the canaries of risk in the system and they got it spectacularly wrong in the previous crisis. Is he looking at providing any guidance or a framework for credit rating agencies and, in particular, at tackling the potential conflict that exists because the entities that are assessed pay the agencies' fees?