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Conservative Party considers breakup of UK banking sector

George Osborne, the shadow Chancellor of the Exchequer, has today laid bare the thoughts of the Tory Party with regards to the UK banking sector of the future. He firmly believes that the giants such as the Royal Bank of Scotland and Lloyds Bank need to be carved-up into more manageable businesses which can no longer, in their own right, have a significant impact on the UK economy and the global economy.

Whether such a move would be legal or ethical in a "free market" is very much open to debate but the idea of taking away power from substantial financial institutions in the UK is gathering support. Throughout the ongoing global recession, and the UK recession in particular, there is no doubt that the power and global impact of various financial institutions around the world has not assisted the recovery in the world economy. Giant UK, US and other European banks have effectively been bailed out by governments around the world who were fearful of the knock-on impact if they were left to fail.

The fact that literally billions upon billions of pounds of UK taxpayers money has been spent billion of UK banking institutions further strengthens the argument to reduce their power in the future.

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