George Osborne’s mansion house speech tonight is generating lots of interest because it is billed as the moment he reveals his blueprint for financial regulation in Britain. Most of the speculation in the media this morning is of the “let’s print Conservative Party policy and pretend it is a scoop” variety. I have not seen the speech by the chancellor, nor the reply from Mervyn King, Bank of England governor, so here is a quick guide to what we know and don’t know.
What we know for certain
- The Chancellor of the Exchequer is expected to say that the Bank of England will be central to banking supervision. That much was in the coalition agreement.
- The government will introduce a levy on banks to pay for