Darling outlines more power for BoE
In his first keynote address to business leaders, Darling outlined plans to give BoE more power
In his first keynote address to business leaders, Darling outlined plans to give BoE more power
In his first keynote address to business leaders, chancellor Alistair Darling
said the Bank of
England (BoE) would now be accountable for the UK’s financial stability in
addition to its statutory objective of setting interest rates.
Part of his reforms if UK’s financial system would include setting up a new
Financial Stability Committee to guide the Bank’s operations in this field to
‘bring valuable, external expertise with City experience to bear on the Bank’s
decision making’, the BBC News reports.
Darling indicated the proposals would clarify and enhance the powers of BoE
and those of the Financial Services Authority (FSA) and improve co-ordination
between the regulators.
More details are understood to be in a letter yesterday to John McFall,
Treasury Select Committee chairman.
Further reading:
Darling signals shake-up of UK’s financial system
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article