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The government is in a desperate race to try and refloat the UK economy before we see a major collapse in the UK employment market. A recent flurry of announcements from various recruitment...
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Wednesday 11th June 2008
As a follow-up to our article on calls from Mervyn King for UK banks to participate in a new compensation scheme for the financial industry, the governor of the Bank of England has hinted that emergency finance will be more costly in the future. It seems as though the Northern Rock saga has started a movement towards a new regulatory regime which will be announced in the autumn.
Mervyn King seems to be putting the onus back on the banks to ensure that their own house is in order before trying to ‘tap’ the government and Bank of England for emergency finance. He has already commented upon the high level of bonus payments in the financial sector, the need for restraint and the recent abandonment of sensible loan and mortgage criteria – something which many believe has led to the current worldwide situation.
The authorities seem to have a tough task on their hands, trying to squeeze more money out of the banking sector, but this seems to be the new approach. Many believe that the public backlash to the ‘obscene’ amounts loaned to Northern Rock has prompted the new approach, one which seems a little more tax payer friendly. |
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