The Big Society
New Government, Financial Reform Bill – gives the Bank of England responsibility for assessing the economic risk posed by the City activities.
The new coalition party have compromised in many ways, but the conflicting views of opposing parties have left the question of territory between the Bank of England and the Financial Services Authority (FSA).
How does this affect interior design?
Bank rates affect the property market, which affects the construction market, it also affects the borrowing value for business development to expand and update existing businesses as well as preventing new businesses from launching. The outcome has an enormous impact on the design industry, and therefore it is important that SBID consults with the Bank influencing opinions and decisions of those that will shape and impact on the interior design industry.
Ongoing supervision of the banking system is likely to stay with the Financial Services Authority (FSA), with input from the Bank of England.
Labour and Lib Democrats opposed changes to the current structure, while the Conservatives originally planned to scrap the FSA altogether. SBID will continue to represent the views and opinions of the interior design entire industry to the Bank of England on behalf of its members.