FSA Boss's Partisan Reminder

For better or worse the Financial Services Authority is safe, for now. Despite the best efforts of Osborne to take away its wholesale market regulatory powers, as he has been promising for well over a year, it will be looking after banking regulation for a while long.  The same can’t really be said of its CEO Hector Sants. Sants had announced his intention to depart, but that now will likely come sooner rather than later.

Considerable upset has been caused after it emerged that Sants emailed his entire three thousand strong staff on polling day gently reminding them that the Tories had promised to scrap the organisation and though it may not happen overnight, ultimately the Tories would sack them all. Guido imagines it was a rather awkward conversation with the new Treasury team today. The FSA board are to meet as a matter of urgency to find a replacement.




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Quote of the Day

Stephen Bush writing in the New Statesman‘s morning briefing…

“The terrifying truth is that the Opposition is too divided – within the parliamentary party, within the trades unions, within the Shadow Cabinet and even within the leader’s office – to be anything other than a veto player as far as Brexit goes, and the party’s whole gambit is really about trying to make that weakness look like a strength. Keir Starmer saying that Labour is “increasingly likely” to vote down the deal is simply a reflection of the fact that the one thing the Labour party will be able to agree on as far as Brexit goes is that Theresa May’s deal is no good.”

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