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UK OPENING NEWS INCLUDING: BoE’s Posen has said in an interview with the BBC that banks are not doing enough to aid and support the economy
BoE’s Posen has said in an interview with the BBC that banks are not doing enough to aid and support the economy. Posen further commented on the lending cutbacks calling them “just enormous” and said there is not enough competition in the banking sector. Posen suggested that the UK should create a vehicle to securitize small business loans. (Sources)
UK Shadow Chancellor Balls has said there is a “gaping hole” in the upcoming City regulation bill that prevents warnings from the financial sector reaching the Chancellor of the Exchequer. However a government spokesman has defended the bill by saying that, for the first time, the Chancellor of the Exchequer would be in charge in a crisis with the BoE governor having to inform the Chancellor immediately if there is any prospect of public money being at risk. (FT)
The National Audit Office has said that most government departments will need to do much more to cut costs and manage their reduced spending allocations over the next four years. (Sources)



























