Video: David Cameron sets out Conservative plans for banking system - ITN NEWS
British opposition leader, David Cameron, slammed incumbent Prime Minister, Gordon Brown and his approach to addressing the economic problems occurring in Britain that are the fall out from the George W. Bush years.
Cameron, who outlined his own financial plan for Britain, hopes the Conservative Party will win the next election against Brown's Labour contingent.
Britain’s Conservative Party Proposes Regulatory Shift
Published: July 20, 2009 - LONDON — Britain’s Conservative Party, which is leading opinion polls less than a year before the next election, confirmed Monday its intention to give the Bank of England sweeping regulatory powers over banks. The plans would rip apart Prime Minister Gordon Brown’s supervisory model, which the party blames for the country’s financial troubles.
David Cameron, the Conservative Party leader, formally proposed to abolish the Financial Services Authority, Britain’s financial regulator, and move its powers to the central bank. Britain’s regulatory system needs “one body to be unambiguously in charge,” he said in a speech in London on Monday.
“In the United States, they’ve called on the Federal Reserve,” Mr. Cameron said. “In Britain, it’s time to call on the Bank of England.”
Britain’s current regulatory system was set up by Mr. Brown when he was chancellor of the Exchequer in 1997. The Financial Services Authority is an independent nongovernmental body, but its board is appointed by the Treasury...
