this is bbc news. i m luxmy gopal. the headlines at 11. major disruption to christmas postal deliveries as more than a hundred thousand royal mail staff walkout across the uk after the latest talks to resolve their pay dispute broke down. we are not going to agree that royal mail replace those workers with self employed drivers, with new entrants on 20% less pay, terms and conditions. ., a, , entrants on 20% less pay, terms and conditions. ., , ., ., conditions. royal mail is at a crossroads, conditions. royal mail is at a crossroads, losing conditions. royal mail is at a crossroads, losing day i conditions. royal mail is at a crossroads, losing day but i conditions. royal mail is at a i crossroads, losing day but despite that we crossroads, losing day but despite that we have put 9% of pay on table for our that we have put 9% of pay on table for our employees. the chancellor prepares to announce a major overhaul of the uk s financial sector. they re expected to include loose
people s everyday banking activities, their ability to gain access to finance, to get loans and be able to pay off the loans, is not challenged by a wider malaise. what we saw in 2008 and 2009 was a chain reaction through the banking sector and it began with us mortgages that were not being repaid and those mortgages have been packaged up into investment products that have been bought and sold all around the world, so nobody really knew who was holding onto these products and how much the liabilities were and as a result of that, people became, banks became reluctant to lend to one another and credit dried up in the financial system and that filtered down to businesses and consumers. that is what this kind of regulation was designed to prevent, a chain reaction to keep the high risk banking isolated from the day to day banking, so if you had a major relaxation of the rules, there would be that kind of risk coming back, but we don t know exactly what kind
good morning. you are far too chirpy. what is being planned? to chirpy. what is being planned? trr give a bit of context, one financial sector representative described the city as jurassic park, sector representative described the city asjurassic park, full of old dinosaurs in dire need of a shake up. we are promised the biggest shake up in 30 years, since margaret thatcher s famous big bang, if you cast your mind back to i m old enough, i m sure you re not. 1986, the big bang, the deregulation of financial services to try to kick start growth, credited by most as starting the decade of growth, decades of growth we saw. what are they planning? they are trying to reverse a lot of the safety nets put in place post financial crash in 2008. we can all remember that, of course. the problem is where it was deemed to be too lax so the government bailed out big banks to the tune of billions of pounds but they demanded a big tightening up because of that. banks were forced to play it more safel
criticised for releasing a man as clearly dangerous as viktor bout. brittney griner s wife campaign tirelessly for her release. it s a happy day for myself and my family so i m going to smile. brittney griner will soon arrive back in america after ten months in russia. sarah smith, bbc news, russia. a major overhaul of the uk s financial sector will be announced by the chancellor today, in a bid to boost growth. at a speech in edinburgh, jeremy hunt will introduce more than 30 regulatory reforms including a loosening of rules on banks and their staff introduced after the financial crisis in 2008. but critics say it could be dangerous to forget the lessons of the past. earlier i got the thoughts of the banking analyst frances coppola. i think there s been quite a feeling in the city for quite a long time