UK Treasury outlines way forward for City recovery
London -- To a mixed reception from the financial services industry, the UK Treasury published in early December 2003 its recommendations on new statutory powers to help keep London’s financial industry afloat in the event of a major operational disruption.
The industry breathed a sigh of relief when the paper revealed that the Bank of England Task Force on Major Operational Disruption in the Financial System conclu-ded that "the introduction of new statutory powers will not be necessary because there are sufficient contractual mechanisms, legal provisions and infrastructures available to allow the financial sector to manage its risks appropriately." Chancellor of the Exchequer Gordon Brown had threatened to institute new statutory powers that
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