Truss backs powers to override financial watchdogs, says FT

Truss backs powers to override financial watchdogs, says FT

LONDON – Liz Truss, the front-runner to become Britain’s next prime minister, will give ministers powers to override financial regulators if they hold back post-Brexit reforms, the Financial Times reported on Wednesday.

Britain’s departure from the European Union allows it to write its own rules for the City of London, one of the world’s biggest financial centres but now largely locked out of the EU and facing competition from Paris, Amsterdam and Frankfurt.

The government unveiled a draft law last month to reform financial rules, including easing insurers’ capital rules known as Solvency II, which were inherited from the EU.

But finance minister Nadhim Zahawi left out a proposal that would allow the finance ministry to “call in” or actually override a regulator, saying he wanted more time to consider the arguments.

The FT said that Truss will “definitely” press ahead with inserting the call-in power into the bill which is now making its way through parliament and due for final approval in 2023.

Truss’s team did not respond to a request for comment.

Insurers say the Bank of England is being too conservative in its plans to free up capital for investing in infrastructure, a view dismissed by the Bank, which says there is also a need to protect policyholders.

BoE Governor Andrew Bailey has warned that independent regulators were central to Britain’s standing as an international financial centre.

The new financial services bill already includes a new objective for regulators to maintain UK finance’s international competitiveness.

Truss has also said she wanted to take a look at the BoE’s mandate for containing inflation, which is forecast to hit 13% later this year as the BoE hikes interest rates.

News Related


Sailor acquitted of arson in San Diego Navy ship fire

SAN DIEGO —  A 21-year-old sailor was acquitted at a military court-martial Friday morning on charges accusing him of setting the devastating 2020 fire on the amphibious assault ship Bonhomme Richard. ... Read more »

How Adrien Brody Really Felt About Leaving Peaky Blinders

Jon Kopaloff/Getty Images “Peaky Blinders” takes a riveting look at the lives of the group of Birmingham, England gangsters that give the show its name. Set after the end of ... Read more »

Threatening Letter Including Bullet Prompted Downers Grove Library to Cancel Drag Queen Bingo Event

Link video: Earlier this month, the Downers Grove Public Library canceled a drag queen bingo event planned for October after receiving multiple threats, including a threatening letter that contained ... Read more »

Sailor Found Not Guilty of Setting Fire That Destroyed USS Bonhomme Richard

Link video: NBC Universal, Inc. A Navy judge ruled Friday that a sailor was not guilty of setting a fire that destroyed the USS Bonhomme Richard in San Diego ... Read more »

California Love: Newsom Signs Bill Limiting Use Of Rap Lyrics As Evidence In Court Against Artists

Prosecutors in Atlanta are using the lyrics of Young Thug and Gunna to build a RICO case against them. Getty Images Among the 400 or so bills that California Governor ... Read more »

Bayern apalea al Leverkusen para acabar con su crisis

BERLÍN (AP) — ¿Crisis? ¿Cuál crisis? Jamal Musiala fue protagonista y el Bayern Múnich cortó una racha de cuatro partidos sin victoria al vapulear 4-0 al Bayer Leverkusen el viernes ... Read more »

Decomposed body found in the Lake in Central Park

Crime scene workers wheel out a body that was discovered in Central Park. Peter Gerber The partially decomposed body of a man was pulled out of the Lake in Central ... Read more »

Forgotten Boomer recipes that deserve to be revived

1. Chicken a la King 2. Crown roast of pork 3. Watergate Salad 5. Chicken Diane 6. French Onion Dip 7. Crêpe Suzette 8. Salisbury Steak Ambrosia salad 11. Quiche ... Read more »

Why Adrian Sampson Tops Cubs' 2023 Rotation Power Rankings

Why Adrian Sampson tops Cubs’ 2023 Rotation Power Rankings originally appeared on NBC Sports Chicago Don’t look now, but the Cubs have put up some serious starting pitching performances during ... Read more »

Newsom relaxes refinery rules as California gas prices soar

Newsom relaxes refinery rules as California gas prices soar California Gov. Gavin Newsom has called on state regulators to relax rules on oil refineries in an effort to lower soaring ... Read more »

Zack Britton leaves Friday’s game with injury

Zack Britton was pitching for a chance to win a World Series championship. The 34 year old came back from a new form of Tommy John surgery, which inserts a ... Read more »

Freeform Introduces New “Transformative” Logo

There probably has been no other television network that has changed its brand identity more times than Freeform. Starting as CBN Satellite Service 45 years ago, it was subsequently renamed ... Read more »

Blue Bloods' Len Cariou Recalls This Sami Gayle Scene As One Of His Favorites

Santiago Felipe/Getty Images Robin Green and Mitchell Burgess’ “Blue Bloods” joined the ranks of the police procedural genre in late September of 2010, bringing with it all the hallmarks of ... Read more »

Beto O’Rourke says Gov. Greg Abbott “refuses” to debate with a live audience

Abbott’s team rejected the assertion, saying that O’Rourke agreed to the audience-free debate months ago. Read more »

Arizona abortion clinics send women to other states

PHOENIX – When an Arizona judge ruled last week that prosecutors can resume enforcing a near-total ban on abortion that dates to the Civil War, it fell to the staff ... Read more »

Suspects in migrant shooting went to a meeting after firing fatal shots, police report says

Michael Sheppard, one of the suspects, was the warden of an immigration detention center that was the subject of several human rights abuse complaints in 2018. Read more »

Adams’ aide inked doc barring second jobs while keeping casino gig

Timothy Pearson stands behind Mayor Eric Adams as he is sworn into office in Times Square on January 1, 2022, following the New Years Eve ball drop. Getty Images A ... Read more »

Uvalde Families Make Presence Felt at Texas Governor Debate

Link video: NBCUniversal, Inc. Parents of some of the 19 children killed in the Uvalde school massacre in Texas lashed out at Republican Gov. Greg Abbott over his opposition to tougher ... Read more »

Why Blonde Ends The Way It Does According To Andrew Dominik

Charley Gallay/Getty Images Netflix’s “Blonde” is a movie that was designed to offend, which is something that director Andrew Dominik took great pride in when promoting the NC-17 biopic. “We’re in ... Read more »

Arizona judge won’t suspend ruling that halted all abortions

Arizona judge won’t suspend ruling that halted all abortions An Arizona judge has refused to suspend her order that allowed enforcement of a pre-statehood law making it a crime to ... Read more »

Energy expert says California windfall tax is a bad idea

California Gov. Gavin Newsom called for the windfall tax on Friday Read more »

India derriba 2 torres de viviendas por violar las normas

NUEVA DEHLI —  Dos torres de apartamentos de gran altura en India fueron demolidas después de que el tribunal superior las declaró ilegales por violar las normas de construcción, dijeron las ... Read more »

Thousands of youth gather in Regina to reflect on truth and reconciliation

Normally flooded with people in green and white, Mosaic Stadium was filled with a sea of orange t-shirts this Thursday for Miyo-wîcîwitowin Day. The landmark event was the first of ... Read more »

After 2 years of pandemic adjustment, BC SPCA animal centres returning to regular hours

Two years after introducing safety measures due to COVID-19 concerns, the BC SPCA says its animal shelters are returning to regular hours. The return to normal public access and adoption ... Read more »

Charli XCX rocks a shirt and tie while Maisie Williams dons a military look as they attend Kenzo party during PFW

Charli XCX ensured she caught the eye of onlookers as she attended the Kenzo party as part of Paris Fashion Week on Friday. The singer, 30, commanded attention as she ... Read more »

Chicago Leaked News of Bears' Deal to Buy Arlington Heights Property, Emails Show

As the Chicago Bears eye a move from Soldier Field to Arlington Heights, what’s going on behind the scenes? And what might this move cost? “Look, Soldier Field was fun. ... Read more »

Lakers uncertain how many preseason games LeBron James will play

A decision on how many preseason games LeBron James will play has yet to be decided. James was asked after practice Friday how many preseason games he wants to participate ... Read more »

Georgia House Featured in ‘Stranger Things' Currently Under Contract

The three-bedroom, two-bathroom house featured in "Stranger Things" was initially listed in Fayetteville, Ga. with an asking price of $300,000 Read more »

Yankees’ Zack Britton exits after wild pitch in third game back from IL

Zack Britton’s chances of making the playoff roster after undergoing UCL surgery just over a year ago may have come to an end Friday, when the left-hander was removed from ... Read more »

A McLaren P1 Was Ripped Out of a Garage by Hurricane Ian

The $1 million-plus supercar ended up sitting on top of a toilet after the storm passed. Hurricane Ian made landfall on the western Florida coast on Wednesday, hitting the state ... Read more »

Still no plans to make Day for Truth and Reconciliation a stat holiday in Sask.

First Nations, Métis and Northern Affairs Minister Don McMorris says the province has no plans to make National Day for Truth and Reconciliation a provincial statutory holiday. “Our government has ... Read more »

CEO Storey adjourns heated bobsled/skeleton AGM over voter eligibility concerns

A move by Canadian bobsled and skeleton athletes to unseat Sarah Storey hit a snag this week with the abrupt adjournment of the federation’s annual general meeting. Storey, the president ... Read more »

Andrea Bocelli shows talent runs in the family as he takes to the stage at London's O2 alongside son Matteo, 24, and daughter Virginia, 10

His incredible voice is known around the world and now it seems that talent runs in the family. As renowned tenor Andrea Bocelli was joined on stage by his son ... Read more »

Hundreds gather for National Day of Truth and Reconciliation walk

For the National Day of Truth and Reconciliation, the Syilx Okanagan Nation invited residents to support victims of Indian Residential Schools. The “Walk for the Children” started at the Penticton ... Read more »

Int’l Critics Line: Richard Eyre’s ‘Allelujah’

Judi Dench in ‘Allelujah’ Rob Youngson/Pathe Productions Ltd and BBC Nothing has illustrated the current turmoil in British politics quite as starkly as the recent tanking of the pound against ... Read more »

Justin Fields' Response Among Things to Watch in Bears Vs. Giants

Fields’ response headlines things to watch in Bears vs. Giants originally appeared on NBC Sports Chicago The Bears exited September at 2-1 after wins over the San Francisco 49ers and ... Read more »

United to halt JFK service as airline battles FAA to add more flights

United Airlines will suspend its already limited flight service to and from JFK airport at the end of the month. AP United Airlines said on Friday it will suspend service ... Read more »

Hundreds of Saskatchewan teachers welcomed into Indigenous communities

Over 320 teachers and staff members from the Northeast School Division visited neighboring Indigenous communities Friday to learn about how they can take reconciliation into the classroom. Sharon Meyer, one ... Read more »

Green Line LRT work to continue near Saddledome as NHL season approaches

The intersection at 12 Avenue S.E. and Olympic Way has been closed to allow for crews to relocate utility lines to make way for a future tunnel under Calgary’s downtown ... Read more »

Strictly's Kym Marsh returns to her hotel following rehearsals - after revealing vertigo may affect her chances in the competition

Strictly’s Kim Marsh appeared in high spirits on Friday as she returned to her hotel following the final dress rehearsal for Friday’s second episode. The singer, 46, slipped into figure ... Read more »
Breaking thailand news, thai news, thailand news Verified News Story Network