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As Gordon Brown urges the rest of the world to follow his lead and pump billions of pounds of tax payer’s money into the banking system you could be mistaken for thinking that he has gone from zero...
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Monday 2nd June 2008
While only a couple of weeks ago a number of analysts had been warning that the UK banking sector was still in serious trouble, these fears seemed to have been dismissed by many. However, the Bradford and Bingley story has seen the sector back in the headlines for all of the wrong reasons. While Bradford and Bingley shares fell to an all time low of 66p we also saw HBOS forced to issues a statement to the market claiming that their rights issue is still on track.
Many people seem to forget that the main component of any banking sector is trust and certainty. There are some analysts who are now seriously concerned that the trust and security in the UK sector is starting to ebb away at a time when it looked as though the sector may have bottomed out. The malaise in the UK banking sector is dragging the whole London Stock Market lower and there are worries that we may see the cost of finance increase yet again for commercial banking operations.
The next few weeks are vital for the sector with the Bradford and Bingley and HBOS fund raising exercises on a knife edge. Times are still very tough in the UK banking sector. |
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