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King calls for new rules to be simple but tough

Mervyn King, governor of the Bank of England says that internationally both light and heavy regulatory regimes had failed to reduce the accumulation of risks that produced the current crisis. He called for future regulation to be simple and robust.

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A&L posts pre-tax loss of £1.29bn

Alliance & Leicester has reported a pre-tax loss for 2008 of £1.29bn, compared to a profit of £399m for the previous year.

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