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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Saturday 19th July 2008
Over the last few years it seems as though the banking sector in the UK has never been out of the news, from overdraft charges to increased set-up fees, from rising mortgage rates to closing down credit card accounts. As the banking sector of the UK is very much central to the UK economy a number of observers feel that the authorities and the regulators have been a little soft on the industry.
The truth is the banking sector in the UK is one of the most powerful around the world and successive governments have always tried to work with rather than against the industry. There have been times when the main banks have been warned about their actions, but as we have seen over the last couple of months, there have been times when the government has literally bent over backwards to help. If the authorities take too hard a line on the banking sector then we could see valuable credit lines dry up over night and economic growth / stability put at risk.
The banks are well aware that they have the power, they are well aware that the government and regulators will huff and puff, but ultimately they know that while they are not beyond the law of the land, they have been and continue to stretch the regulatory guidelines to the limit. |
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