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Is it time to review the high-profile status of UK banks?

Over the last few weeks the UK banking sector has come under extreme pressure, gone cap in hand to the government for assistance and then blatantly turned round and ignored some of the conditions which had apparently been agreed. There is now a call for the UK banking sector to be thoroughly investigated and reorganised so that never again can the UK economy be in the hands of so few individuals and companies.

There is growing pressure on the government to announce a total review of the sector and ensure that post the Lloyds TSB/HBOS merger there are no significant changes to competition in the sector. While the banks will obviously try to deflect any criticism there is growing concern in the corridors of power by the UK government. It will be interesting to see how this situation develops as the government needs to be seen to be protecting the consumers while also ensuring that corporate UK is competitive on a local and international basis.

Never has the UK financial sector come under so much pressure and required the massive sums which we have seen over the last few weeks in order to continue on a more stable basis. Watch this space....

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