Osborne to outline plans to shake-up regulation - papers

George Osborne will today set out plans for the biggest shakeup of economic regulation since 1997.

The Chancellor is expected to overhaul the balance of power between the FSA, Bank of England and Treasury, reports the Daily Mail. He is convinced the tripartite system of regulation set up by Gordon Brown when Labour came to power was a major factor in the collapse of the British banking system and wider economy. The Chancellor will use a Mansion House speech tonight to signal that he is pressing ahead with changes to strip the FSA of the majority of its powers. The Bank of England is expected to take charge of banking regulation and supervision - and will absorb the FSA departmen...