Rocked to the core

The Northern Rock crisis plunged the City and government bodies into turmoil, not least because everyone thought UK financial regulation was among the best in the world, writes David Lascelles

The shock and demoralisation caused by the first run on a British bank in more than 140 years will have far-reaching consequences, although one of the challenges for those conducting the postmortem will be to keep a clear head and act in moderation. The risk is that the authorities will seek answers in tougher regulation when the financial services sector is already groaning under the weight of massive rulebooks.

The affair is both worrying and confusing because it throws up a jumble of different

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