The move followed a torrent of criticism aimed at the FSA from Chancellor George Osborne, the Business Secretary, Vince Cable, and most recently Andrew Tyrie, the chairman of the Treasury Select Committee, writes the Independent.
Responding to Mr Tyrie’s recent letter calling for the FSA to give reasons for not publishing a report, Lord Turner finally said yesterday he would seek to make it public.
City says it pays 11.2% of Britain’s taxes
The City of London yesterday sought to put a more positive sheen on its somewhat tarnished reputation, arguing that Britain’s financial services industry last year accounted for more than £1 of every £10 raised by the Treasury in tax.
The City of London Corporation, which provides the square mile’s local government as well as acting as its cheerleader in chief, said financial services had contributed £53.4bn in the 2009-10 financial year – 11.2% of the total tax take, writes the Independent.
Germany defiant as Europe suffers
Germany has refused to give any ground on Europe’s rescue machinery despite the escalating political and economic crisis across much of the eurozone periphery, guaranteeing a bitter clash with EU partners at a crucial summit in Brussels today.
Chancellor Angela Merkel pledged no euro member would be “left on their own”, but dug in her heels against the creation of eurobonds and demands to boost the EU’s €440bn (£372bn) bail-out fund, writes the Telegraph.
The defiant stand came as Moody’s issued a downgrade warning on Spain owing to “high refinancing needs in 2011” and the risk of further bank bail-outs.
