Yet another government U-turn - but there may be a sting in the tail for regulators

bank of england, treasury, city, yet another government u-turn - but there may be a sting in the tail for regulators

The City (Getty)

Much of the City will have left for home when the Treasury dropped a U-turn at 5.54pm on Tuesday night.

It was a big one. Don’t be fooled be the innocuous looking title: “Statement regarding the proposed Intervention Power amendment to the Financial Services and Markets Bill.”

Controversial ‘call-in’ powers had been included in the bill, currently making its way through parliament, that would have given the government the power to amend or revoke rules proposed by one of the city’s watchdogs – the Financial Conduct Authority (FCA) and/or the Bank of England – and also to issue instructions with a view to “boosting competitiveness” and suchlike.

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