Round-up - TSC to FSA: Second crisis will be your fault

The Treasury Select Committee (TSC) has issued a stark warning to the Bank of England and Financial Services Authority that they would be held accountable should mistakes made now "aggravate" a second financial crisis.

In a letter to Sir Mervyn King, the Bank's Governor, and Hector Sants, the FSA's chief executive, TSC chairman Andrew Tyrie sought "reassurance" that they were on top of worsening conditions. MORE...

David Cameron was given a vicious dressing down by French President, Nicholas Sarkozy, yesterday as tensions reached boiling point among European leaders arguing over how to save the euro. Sarkozy was reported to have told the British Prime Minister that he should "shut up" during a meeting of the European Union's 27 leaders. MORE...

The UK taxpayer could be liable for billions of pounds of losses through the government's stakes in development banks connected to the EU if politicians cannot find a solution to the crisis enveloping the region.

Britain has already injected £1.88bn into the European Investment Bank (EIB) and pledged another £35.7bn, equivalent to close to 2% of UK GDP, to be drawn down as required. MORE...

Shareholder revolts over pay have hit record levels this year as investors, stung by criticism of their inertia before the financial crisis, seek to rein in excessive rewards at Britain's top companies. A total of 15 FTSE 100 companies have suffered investor votes of 20% or more opposing remuneration reports or deliberately abstaining. MORE...

European banks will be told to move their capital ratios up to 9% by the end of June 2012, according to EU officials. But doubts remain about whether this will be sufficient to convince markets of the solvency of the continent's financial sector. MORE...

Germany and France on Sunday launched an unprecedented attack on Italy to stop the rot by taking far more radical measures to reform its economy and get its debts under control. MORE...