Treasury committee calls for government to to be more open about liabilities resulting from the bank bail-out and review bank accounting rules
The government should reveal the full cost of its attempts to shore up Britain's financial system, the Commons Treasury Committee has demanded.
The MPs have called for much greater transparency in accounting for the government liabilities taken on by the nationalisation and part nationalisation of institutions ranging from Northern Rock through Bradford & Bingley to the new Lloyds Group, Royal Bank of Scotland and the proposal for the Bank of England to buy up assets.
Sub-committee chairman Michael Fallon said: 'In order for effective scrutiny to be performed by parliament and our committee, the magnitude and nature of these liabilities must be comprehensively disclosed.'
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