The Chancellor is clearing the ground for new regulations on financial markets in the wake of the credit crunch, pledging to create a "gold standard" to judge the quality of key asset-backed securities, The Telegraph reports.
Alistair Darling last night promised to use next month's Budget to publish a review into the problems facing financial markets. In a speech to manufacturing lobby group the EEF in London, he acknowledged that the UK economy was facing a "difficult time", adding that "we do not yet know the full effects of what has happened in the financial markets". THE BANK OF England is fully expected to cut borrowing costs a quarter-point to 5.25 per cent today, but the prospect of further rate cuts is becoming increasingly uncertain, according to The Times. In the short term, some analysts believe t...
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