UK Labour Government Seeks Finance Sector's Help to Rewrite Post-2008 Rules Amid £12 Billion Bailout Secrecy

Dec 9, 2024, 11:07 PM

The UK's new Labour government is engaging with the finance sector to revise regulations established post the 2008 financial crisis, signaling a shift from past banker-bashing sentiments. The Bank of England has introduced a new financial stability tool, which includes the provision to hide the identities of any pension funds, insurers, or hedge funds receiving bailouts, including a £12 billion bailout for a British pension fund. This move has sparked concerns over transparency, with critics questioning the implications of such secrecy on public trust and financial stability. Historical context includes the 2007-08 financial crash where the government provided £133 billion in cash and £1,029 billion in guarantees for bailouts, alongside £895 billion in quantitative easing.