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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Thursday 10th July 2008
As the debacle about ISA transfers rages on, the Bradford and Bingley continues to come under pressure and smaller financial companies start to feel the strain, is it really safe to keep all of your assets with one bank? Or will you need to pay a little more for the comfort of knowing that your assets are safely spread?
There is no doubt that the UK banking and finance sector has come under a great deal of pressure of late, but aside from specific issues with the Bradford and Bingley, and some of the larger banks prior to their fund raisings, the situation will revert back to normal soon. The fact that the money markets ground to a halt earlier this year and are not yet back to full speed has taken away the life blood for the sector – finance on tap 24 hours a day 7 days a week.
The UK still has one of the more robust financial sectors in the developed world as well as a number of regulatory safeguards should problems occur in the industry. There is also a health compensation scheme associated with the sector as all banks would suffer in the event of a major banking collapse. Times may look tough at the moment, but there is a rod of steel through the core of the UK finance sector. |
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