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Labour's Record on Financial Regulation

Author

Listed:
  • Arupratan Daripa

    (Department of Economics, Mathematics & Statistics, Birkbeck)

  • Sandeep Kapur

    (Department of Economics, Mathematics & Statistics, Birkbeck)

  • Stephen Wright

    (Department of Economics, Mathematics & Statistics, Birkbeck)

Abstract

In 1997 the new Labour government launched major initiatives in the area of financial regulation, setting up the Financial Services Authority as a comprehensive regulatory body, supported by the legislative framework of the Financial Services and Markets Act 2000. We evaluate the Labour government’s record on financial regulation in terms of its achievements and failures, especially in dealing with the global financial crisis that started in 2007. While we identify some clear flaws in regulatory design and enforcement, our evaluation highlights some inherent difficulties of financial regulation.

Suggested Citation

  • Arupratan Daripa & Sandeep Kapur & Stephen Wright, 2013. "Labour's Record on Financial Regulation," Birkbeck Working Papers in Economics and Finance 1301, Birkbeck, Department of Economics, Mathematics & Statistics.
  • Handle: RePEc:bbk:bbkefp:1301
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    File URL: http://www.bbk.ac.uk/ems/research/wp/2013/PDFs/BWPEF1301.pdf
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    Cited by:

    1. Hale Balseven, 2016. "The Political Economy of Financial Regulation Policies Following the Global Crisis," International Journal of Economics and Financial Issues, Econjournals, vol. 6(2), pages 607-616.

    More about this item

    Keywords

    Financial Regulation; New Labour; Financial Crisis;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G2 - Financial Economics - - Financial Institutions and Services

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