Please Mr Wheatley…

Tony Cornell

The Hydra was a serpent in Greek Mythology that had many heads. When you cut off one, two more appeared. It was eventually slayed by Hercules, who cauterised each neck after he cut them, preventing further growth.

This story has its counterpart in modern times and it is known as financial regulation. We had one regulator in the Financial Services Authority. Its head was cut off and will be replaced by two: the Prudential Regulation Authority (PRA), run by the Bank of England, and the Financial

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