US President Barack Obama revealed sweeping reforms aimed at cutting Wall Street banks down to size and clamping down on risky deals. He wants to ban retail banks from putting their own money into financial transactions – including hedge funds and private equity companies. Yesterday, the Skipton Building Society said it will remove the ceiling on some of its mortgage products, which guarantee the re-payment rate is no more than 3 percent above the Bank of England base rate. Finally, a new code of practice has been agreed by trade bodies representing the pub sector.
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