Reform of regulation is required

The roots of the current crisis can be traced back to two pieces of legislation whose significance a...

The roots of the current crisis can be traced back to two pieces of legislation whose significance and long-term impact was largely ignored at the time. The first was the granting of 'independence' for the Bank of England in the early days of the current administration allowing it to set monetary policy; the second was the repeal of the Glass-Steigel Act. The Bank of England move was hailed at the time as the symbol of 'New Labour' at work showing its responsibility with the economy, but it also took away direct regulation of the UK's banking system from the BoE and passed it over to th...