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UK government set to backtrack on bank share sales

Despite hopes that the UK government would very soon be able to sell off the £70 billion worth of bank shares acquired over the last few months, it now appears as though the authorities are set to backtrack on this initial timescale. As we covered over the weekend, a number of advisers have stepped forward to suggest that the UK authorities may struggle to sell shares with a value in excess of £70 billion and indeed be able to obtain a price which would see the government exit at a profit.

As a consequence it seems as though the UK taxpayer will need to become more accustomed with the UK banking sector, in which a significant portion of taxpayer's income is invested. It is estimated that if the shares were sold today there would be an £11 billion loss which is not something that the UK government can even consider at this stage. It will be interesting to see how the UK authorities try to backtrack on this one and how in fact UK taxpayers will be compensated for this "long-term" investment.

The bailout of the UK banking system may only have taken weeks to sort out but it will take literally years to unwind.

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