Electoral reform debate continues
‘More people support proportional representation (PR) than the present first-past-the-post system in the wake of the MPs’ expenses scandal, according to a new survey.’ – Andrew Grice, The Independent
‘But all of this creates opportunity. Neither the banking collapse nor the allowances scandal should have happened; the former created misery for our constituents and the latter added disillusion to their disquiet. It’s a miserable way to create a climate for change but advance through anguish is a well-trodden path.’ – Alan Johnson, The Independent
Banking reform plans
‘Alistair Darling will outline a tough regulatory regime on Wednesday for the financial services industry that would impose heavier capital and liquidity standards on banks that pose the greatest risk to the financial system.’ – Chris Giles and George Parker, Financial Times
‘If the Treasury wants to be sure that we will never again see a run on a British bank, the financial system left in meltdown and billions of pounds of taxpayers’ money going on saving the banks, then it might be best to set two men on the job: Mervyn King, Governor of the Bank of England; and Lord Turner, chairman of the Financial Services Authority. The Bank and the Financial Services Authority, it seems likely, will both be given the task of helping to ensure financial stability. Thus, even if the Bank is “asleep at the wheel”, the FSA may not be, and vice versa.’ – Sean O’Grady, The Independent
G8 summit begins
‘The world’s most powerful leaders are preparing to tackle some of its most urgent issues as they gather for a G8 summit in an Italian earthquake zone.’ – BBC
‘There are no easy solutions and any progress must be made with the full co-operation of the world community and the oil industry. On Monday we used the U.K.-France summit in Evian to explore a way forward. We hope our ideas inform meetings both today, at the Group of Eight Summit in Italy, and in future talks between world leaders.’ – Gordon Brown and Nicholas Sarkozy, Wall Street Journal
‘Modest progress is possible in L’Aquila on pursuing progress on development, for example. At Gleneagles in 2005 the G8 agreed extra resources for Africa’s peacekeeping forces, investment in health and education, action to combat HIV/Aids, malaria and TB, all linked to good governance, democracy and transparency. Pledges were made to double aid to Africa and to release heavily indebted nations from their liabilities.’ – Leader, The Times
‘No fee degrees’
‘The government is considering “no fee degrees”, in which students in England would not pay tuition fees – but would not get any loans or other support.’ – BBC