FACTBOX - Key new laws planned by Brown

Wed Dec 3, 2008 11:42am GMT
 
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LONDON - Prime Minister Gordon Brown unveiled his government's legislative program for the next 12 months on Wednesday. Following is a list of key new laws and policy plans.

* BANKING

-- The new Banking Bill aims to strengthen regulation of the banking sector with more power and more responsibility given to the Bank of England (BoE).

-- The Bank will take on a new legal role to ensure stability in the financial system, alongside its current statutory objective to run monetary policy.

-- The Bank will be able to provide 'covert' short-term liquidity to banks.

-- Bank disclosure rules will be changed allowing the Financial Services Authority (FSA) to collect information from banks in trouble and share it with the Bank or government.

-- Increase in the guarantee for bank savings to 50,000 pounds from 35,000 pounds on a per person, per bank basis.

* SAVINGS SCHEME

-- Creation of a Savings Gateway Accounts Bill designed to offer incentives to 8 million low-income earners to save more.  Continued...

 
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