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dealing with the financial crisis uk style December 11, 2008

Posted by Bradley in : Uncategorized , trackback

From the First Report of the House of Lords Merits of Statutory Instruments Committee for the 2009-10 Session we see that the UK is dealing with the financial crisis by increasing opportunities for people with spare time on their hands to gamble:

Draft Gambling Act 2005 (Gaming Machines in Bingo Premises) Order 2008
4. Following representations from the industry, the draft Order proposes to double the number of gaming machines allowed in Bingo Halls from four to eight. This is to help provide additional income to the many small clubs which are struggling in the current economic climate. The Government see this small focused increase in gaming as compatible with their overall objective of protecting the public, because they accept the industry’s case, supported by a number of MPs, that Bingo Halls also serve a community function. Adult gaming centres (arcades) have made a similar application which has not been granted.

And there’s more of that tendency to react to the crisis by reducing process:

Takeover Code (Concert Parties) Regulations 2008 (SI 2008/3073)
6. HM Treasury have laid these Regulations, which provide that certain persons are not considered to be “persons acting in concert”under Rule 9 of the Takeover Code simply by virtue of the Treasury’s shareholdings as a result of the exercise of powers under the Banking (Special Provisions) Act 2008 (in relation to Northern Rock plc and Bradford & Bingley plc), or participation in the recapitalisation scheme (in relation to The Royal Bank of Scotland Group plc, and the prospectively merged HBOS plc / Lloyds TSB plc). We sought further information from HMT to explain why they were unable to lay the Regulations before Parliament sooner than one hour before the Regulations were brought into force.

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