Putting the Bank of England in sole charge makes sense, in many ways. But is now the time to do it?
So, George Osborne is to go ahead with his plan to effectively scrap the FSA, and make its supervisory function subordinate to the Bank of England - which will now be in sole charge of regulating the City and saving us from future financial meltdown. The plan - announced yesterday in the Chancellor's Mansion House speech, with more details to follow today - didn't exactly come as a surprise, since it's been widely trailed in the press (although we're not quite sure what his Lib Dem coalition partners, who never supported the idea, really think of it).
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