Treasury Select Committee issues stark warning on crisis - Telegraph.co.uk

"We readily accept that many of the actions you are taking may, for the moment, need to remain confidential. We will, however, wish to scrutinise those issues fully at an appropriate time."

The TSC also sought clarity on the relationship between the various UK financial regulatory bodies, and warned there was a risk of a "regulatory vacuum", given the new Prudential Regulation Authority would not be operational until the end of 2012.

Separately, senior managers and directors polled by Interim Partners said a VAT cut should be prioritised over more quantitative easing.