Category Archives: Treasury

The Chancellor’s speech at the Lord Mayor’s Dinner

This press release from HM Treasury gives you the whole speeach verbatim.

A speech that does mention what used to be unfamiliar:

  • the sovereign debt
  • its interest payment
  • the budget deficit.

But it glorifies the “independence” of the Office for Budget Responsibility whereas it means control of Downing Street by the City.

The tripartite system of Bank of England, Financial Services Authority and Treasury will be changed such that the Bank of England has yet more powers.

A new Financial Policy Committee will be created at the Bank.

A new Consumer Protection and Markets Authority is supposed to regulate financial firms.

A single agency is supposed to take on the work of tackling serious economic crime!

A bank levy will be introduced (the Robin Hood Tax???)…

An independent Commission on the banking industry will check the structure of banking under Sir John Vickers, former chief economist at the Bank of England.

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