Alistair Darling Looks To A Rock Solid Financial Future

The Chancellor Alistair Darling can’t seem to stay away from headlines this week as he announces new measures to the House of Commons in the wake of the Northern Rock crisis hoping to avoid similar problems in the future.

It has been reported that the treasury had been considering a series of options since last month’s run on Northern Rock.

The Chancellor told the Commons that there were “”clear lessons to be learned” from the bank’s crisis and said,

“The availability of credit has increased the last few weeks, so we can be more confident, but we cannot be certain when the current instability will end.”

Mr Darling’s proposed reforms were:

• Faster rapid implementation of international agreements on solvency
• More transparent information on credit ratings
• Accelerated work on international standards for regulating liquidity
• Action to improve the transparency of off-balance sheet vehicles
• An IMF and FSF early warning system to strengthen financial sector surveillance
• Strengthen arrangements for ensuring financial stability in Europe and increased cross border management.

What do you think of Mr Darling’s proposed reforms?

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