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uk banking reform October 11, 2007

Posted by Bradley in : Uncategorized , trackback

The UK Government published a discussion paper on banking reform and the Guardian reports:

“A new regime is needed so that depositors are insulated from a bank that fails,” said the chancellor, who also revealed that he and his wife have a Northern Rock mortgage.

Today’s Hansard quotes the Chancellor as follows:

With permission, Mr. Speaker, I should like to make a statement on Northern Rock plc. Before I start, however, I draw the House’s attention to the fact that I have informed both the Register of Members’ Interests and the Treasury’s permanent secretary that, like many others, my wife and I have a mortgage with Northern Rock, but no savings or deposits.

12.10.07: The Chancellor’s statement can be found here.

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