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Will Royal Bank of Scotland directors call the government's bluff?

The UK government is on a collision course with Royal Bank of Scotland directors who have previously suggested they would consider a mass resignation if the authorities meddle in banking affairs. We are now at the intriguing scenario where potentially a battle of wits between the government and the Royal Bank of Scotland, and potentially Lloyds bank directors, could be about to explode in the New Year.

There will also be concern that the government is taking a more hands-on approach as we approach the election with the potential for this action to be seen as "favouring" UK voters. Would the government have taken such action if an election was not round the corner? Is actually right for the UK government to become so involved in the free market?

Also, how will UK taxpayers react to the fact that Lloyds bank and Royal Bank of Scotland could be losing potentially millions of pounds of income per annum by renegotiating an agreement which is perfectly legal?

Even though the indications are that Lloyds bank and Royal Bank of Scotland will eventually sit around a table with the Office of Fair Trading and various consumer groups, can we really expect an agreement which is slanted towards UK banking customers?

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