UK head regulator: borrowing rules should change

Sir Callum McCarthy, the chairman of the Financial Services Authority (FSA) - the UK's financial watchdog, has said the authorities should alter banking regulation in light of the problems faced by Northern Rock.

Speaking in London on Thursday night, McCarthy said: "The last week has been sobering for all of us, and we need to reflect and then act to prevent repetition of anxieties and concerns which I recognise and with which I sympathise."

The chairman echoed Mervyn King, the governor of

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