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The Financial Times | Times Media Group (Luthori)

Government Introduces “De-Regulation” Reforms to Parliament

17th, March 5574

Fort William - After his second inaugural address, Prime Minister Carrington alongside his Cabinet didn’t lose any time working on their promises of liberalisation of the Luthorian economy. The Prime Minister stated that it was the “main goal of the ministry” during an interview with the Luthorian Broadcasting Corporation, whom during his campaign, he had repeatedly called to privatise as well. The Prime Minister stated that the well-being of Luthorians will always be his priority, as such as he laid down his objectives, he wished for the Luthorian economy to be more liberalised so that the State could focus itself on the well-being of its citizens. He stated that the system of “Luthorian Capitalism” had failed to provide such well-being, as he pointed out that the Luthorian economy was now in stagnation due to this policy.

He defended his policy arguments by stating that Luthori was always naturally an export-driven economy, driven by the exportations either coming from its industrial or tertiary economic base, Mr. Carrington tasked the Chancellor of the Exchequer with the writing of three Bills which would be introduced to the People’s House, the Parliament of the Luthorian Empire. These three Bills are considered to be the first step in the Prime Minister’s agenda of reforming and liberalising the economy.

The first Bill that was introduced to the Committee for Economic Affairs of the Imperial Diet was the Luthori Petroleum (Partial Divestiture) Act, 5574. This Act is centred around the partial privatisation of the Imperial Oil Company, which is considered to be the Government’s first great test in Parliament and a test for the rest of market liberal reforms. This Act is planning to reduce the current involvement of the Luthorian Government from 90 % to 64.5 %, this Act in turn plans to allow the Federal Government to sell 15 % of its shares of this company to inside or outside private individuals or groups. This Act is supported by the Government and nominally, the Conservative Party, but splits in the Prime Minister’s Party seems to be rising, as some MPs are becoming less appealing to vote for the Prime Minister’s liberal agenda, especially Reformist or One-Nation Conservatives. Mr. Bishop, MD for the Northriding Grand Duchy vocally supported this Bill, with a speech in the Committee, defending the Prime Minister’s agenda and policies.

“It is rare to see such a man at the helm of our Government. It is rare to see such a personality leading our country. The sole time that we may all remember such a personality running our Government, it was either Sir Seward Asters, the Lord Rosemary, the Lady Hayden, all these names resonate within this Right Honourable Parliament as examples to follow, names that are written in stone as the “greatest statesman and stateswomen this country has to offer” in history books. [...] When faced with critics, they never backed off from what they felt was right for this nation and I think that the Prime Minister is as well one of them. Today, we are faced with a Crisis. While it’s not one that is of great interest to most of the public, everyone here knows that Luthori is in stagnation. Our economy isn’t rising as it was beforehand. These aren’t simply “Lost Decades”, this is a Lost Century. Today, we need, more than ever, to face this Crisis head on. That is why this Bill, the Luthori Petroleum Act is necessary, alongside, all other Bills that this Cabinet will put forward in the economic field. [...] It is necessary for this Nation to pass by this stagnation period and go back to the period of economic growth that we’ve seen in the past.”

The second Bill, which is the Banking (Confidentiality and Privacy Protections) Act, 5574, seeks to implement a system akin to complete bank secrecy, as in the Luthorian Government would no longer ask the banking corporations to give away all informations on a customers’ bank account to them, instead, the Government would no longer ask for such informations, except needed, and if that is the case, the Federal Government would need to pass by an order from the Department of Justice or the Office of the Lord Chancellor itself to have such informations. This Bill is also meant to inspire responsibility to bankers and banking officials to report suspicious accounts on their own, to avoid some troublesome bad publicity with that Order being enacted against them.

Finally, the Digital Currencies (Regulation and Market Access) Act, 5574 is the last Bill which has been sent to Committee, this Bill is planned to become the main factor in liberalising the cryptocurrency market, which has underdeveloped compared to other parts of the world or in the world itself, this kind of currency has been underdeveloped. Mr. Carrington came into power being backed by technological giants and blue-collar people, he repeatedly supported the enactment of bills which would decrease the Government’s power over the formation and regulations of cryptocurrencies. With these Bills, it’s normal to expect that the Fort William Stock Market went overdrive today, with investors and companies alike seeing their shares’ prices rapidly increasing as the day went on. With the biggest winner being BlackIce, a tech giant which would be greatly boosted thanks to these reforms.

With the FWSE seeing good results, it seems that other stock markets related to the FWSE may see an increase as well.

@TheFinancialTimes