Banking bill to guarantee deposits
www.moneynews.co.uk > Banking > Banking bill to guarantee deposits
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Money News |
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Banking bill to guarantee deposits
Wed 3rd Dec 2008
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The new banking bill makes it easier for the Bank of England to bail out struggling banks by lending them money anonymously.
It also seeks to inspire renewed confidence in the banking sector by introducing a government guarantee on consumers' deposits up to £50,000 rather than the £35,000 previously covered.
The Queen said that strong banks are vital in ensuring the future growth of the economy.
"Therefore, legislation will continue to be taken forward to ensure fairer and more secure protection for bank depositors and to improve the resilience of the financial sector", she added.
Vince Cable, the Liberal Democrats' treasury spokesman said that the new laws announced today did not go far enough in helping the public.
He argued that the government should appoint directors to the boards of bailed-out banks to make sure they begin lending again.
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