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World Business Report: First broadcast 2017/02/09 22:32 GMT: Bank Of England Warns Against Loosening Regulation

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First broadcast 2017/02/09 22:32 GMT

First broadcast 2017/02/09 22:32 GMT: Bank Of England Warns Against Loosening Regulation

Bank Of England Warns Against Loosening Regulation

BBC World Service - World Business Report, Bank Of England Warns Against Loosening Regulation

The deputy head of the Bank of England warns looser regulation will damage the economy.

The deputy governor of the UK's central bank, Sir Jon Cunliffe, has warned against relaxing banking regulation, saying it could damage the global economy.

The deputy governor of the Bank of England, Sir John Cunliffe, has told the BBC that moves to loosen banking regulation will damage the global economy.The warning follows an executive order signed by President Donald Trump which aims to review the Dodd-Frank Act, a law that tightened banking regulation in the wake of the financial crisis. We hear from Sir John Cunliffe, along with analysis from BBC Business Editor Kamal Ahmed and we get an American view of developments from Irwin Stelzer, an economist at the Hudson Institute in Washington DC.

The authorities in France are investigating a fire that caused an explosion at a nuclear plant in Normandy, which did not cause a leak of radiation or any casualties. The Flamanville plant, which is operated by EDF, has been at the centre of controversy in France over the future of the nuclear industry and how much the safety of its engineering can be trusted. As the UK looks to expand its own nuclear power generation we get analysis from industry consultant John Large.

The South African President Jacob Zuma has addressed the country's parliament, with his state of the nation speech focused on the battle to get the country's economy back on track. Mr Zuma has faced calls to resign amid allegations of corruption and hundreds of soldiers were sent to the parliament building to prevent the address being disrupted. We analyse what President Jacob Zuma had to say to his fellow citizens.

The Japanese prime minister Shinzo Abe is in Washington to meet President Donald Trump to cement ties between both countries and highlight Japan's commitment to invest in the United States. The visit comes as a major Japanese automotive parts maker, Nisshinbo Holdings, abandoned plans to build a factory in Mexico. President Trump has already criticised other car companies, including Toyota of Japan, for operations south of the border which are making cars for American consumers. John Nilsson Wright, a Japan expert at Cambridge University and the Chatham House research group, tells us Tokyo wants to avoid a trade war with the US. 

(Picture: The Bank of England. Getty Images.)

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