UK will come out of this stronger: King

Britain will have the best regulatory regime in the world by mid-2008 as a result of the Northern Rock crisis, according to Mervyn King, the governor of the Bank of England.

Speaking to the BBC on Tuesday, King said: "The British banking system has not collapsed. We will come out of this with new legislation which will give us regulations to intervene pre-emptively, better deposit insurance and better liquidity rules." Once in place, other countries would, he said, look to copy the UK

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