Bank of England publishes operational contingencies report
The Bank of England yesterday published an eagerly awaited report on how the government would handle a disaster striking the financial sector, such as a terrorist bombing.
The report concluded that the government did not require new statutory powers - a February proposal had outlined several suggested powers that would have given the UK Treasury unprecedented control over the financial sector if such an event had occurred. Most members of the financial sector, who had been against granting the statutory powers, were relieved. One bank association executive said:
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