Blog: Regulators must be independent, but that doesn’t mean untouchable – The Times

How independent are the independent regulators that oversee huge swathes of the British economy, from banking to energy? “Not very,” seems to be the answer to judge by recent experience. There have been a number of cases where pressure from government seems to have resulted in serious harm to customers, undermining confidence in the whole system.

So it is not surprising that moves to give the government more formal power to intervene with regulators have raised widespread alarm. The idea that it should have the power to change financial regulators’ rules that it doesn’t like without having to change the law met such resistance that this was dropped from legislation published last week. Yet Nadhim Zahawi, the chancellor, says he is still considering it and

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