Queen’s speech
by Olivia
The Queen’s speech has, not unexpectedly, addressed the issue of banker’s bonuses. The proposed Financial Services and Business Bill will bolster the powers of the Financial Services Authority allowing it to tear up banker’s contracts which could promote risky behaviour. Key banks and financial institutions will also be obliged to draw up ‘living wills’ detailing how they can be wound up without threatening the stability of the overall system.
The Tories have reacted against this, arguing that the FSA already have sufficient powers to curb bank bonuses and this won’t affect payouts due this Christmas.
Time’s running out though, with approximately 80 days of Parliamentary business until the General Election, it’s touch and go whether the new bills will make it to the statute book before Parliament is dissolved,
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