London will step up its pursuit of the international CNY market today as the UK Chancellor Osborne launches a city initiative to drive the currency's use in the UK capital. (FT-More) The initiative springs from awareness that Hong Kong and Shanghai will also benefit substantially from the CNY's probable rise as an international currency. The initiative puts the total value of London's CNY deposits in 2011 at more than CNY 109bln.
BoC's Carney has been informally approached as a possible replacement for the current BoE governor King, according to people involved in the process. (FT-More) The BoC have denied the reports that Carney has been approached, calling them 'not accurate'. (Sources)
Senior UK lawmakers have said they intend to hold an inquiry into how effective new BoE policy tools will be in fostering financial stability. (Sources) The committee also want the BoE to calculate how much savers have gained or lost from its GBP 325bln program of asset purchases.
The UK government must review the cost of lowering the top income tax rate as considerable uncertainties surround the costs and benefits of the measure, according to a report by the Treasury select committee. (Sources)
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