Douglas Flint, Chairman HSBC along with a number of other senior bankers (FT 7th August) are said to be critical of the ways UK financial regulators are now operating. Other press articles have also give the impression that the UK Government’s financial services regulatory requirements applicable now and being consulted on for the future, are… Read More »
Britain’s economy faces a major problem, one which stifles aspiring entrepreneurs’ ability to reach their personal goals. The problem centres on the inability of start-ups and small firms to get the funds they need, whether to grow, to develop ideas or to complete an essential patenting process. Small businesses generally only succeed after years of… Read More »
EDITORIAL: Yet another major financial institution made the headlines recently with Lloyds Banking Group’s £218 million fine, paid to the UK Financial Conduct Authority (FCA) and various US financial regulators over its manipulation of LIBOR and the Special Liquidity Scheme, a rate used by the Bank of England. These follow similarly hefty fines by other… Read More »
The one-size-fits-all approach from the Basel Committee on Banking Supervision has, inevitably, run into various challenges. Not surprisingly from London where Mark Carney, Governor of the Bank of England. On the one hand Mr Carney would like to make it easier for smaller ‘challenger’ banks to lend to the ‘small to medium enterprise’ (SME) sector… Read More »
Martin Wolf, the chief economics commentator at the Financial Times, has recently argued that we should “strip banks of their power to create money”. In his column, he refers to proposals in the book I co-authored, Modernising Money (see below). The book explains how the power to create money can be removed from the banks that caused the financial crisis and returned to a democratic, transparent and accountable body working in the public interest.
Parliament places huge scrutiny on how taxpayers’ money is spent. But for the last 170 years, parliament has ignored the question of how money is created in the first place.
The UK is in the midst of an occupational pensions revolution as 10 million people are automatically enrolled in a workplace pension for the first time. Labour started this revolution. The last Government was the author of auto-enrolment and began the process of exposing rip off pension charges by introducing both stakeholder pensions and the… Read More »