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Gordon Brown still pushing for banking tax

Despite the fact that Gordon Brown's so-called "Tobin tax" appears dead in the water, it looks as the prime minister is still pushing for some kind of banking tax to rein in the power of this massive industry. Under the guise of making the banking sector "appreciate its social responsibilities" he has warned the UK banking sector in particular that changes need to be made and more accountability injected into the sector in the future.

However, it looks as though the likes of the US and Canada seem to appreciate the importance of the financial sector and the fact that governments need to keep these wheels well oiled in order to stand any chance of a significant economic recovery. The UK government has, in many cases quite rightly, attacked the UK banking sector for taking advantage of taxpayer led bailouts without giving anything back to consumers and businesses in the short term.

It is common knowledge that liquidity in the consumer market and the business market is still relatively low and many people are effectively being barred from the mortgage market due to high deposit requirements and a lack of competition in the sector. While Gordon Brown does have a point to his ongoing attack on the banking sector, he does risk alienating a vital element of the UK economy which he will need more and more in the weeks and months ahead.

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