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Are we seeing the start of recovery in the UK banking sector?

As news that Barclays Bank has managed to escape the clutches of the UK government filter through into the UK stock market some observers believe we may be on the brink of a recovery in UK banking sector. The sector has been under intense pressure for some time amid massive write-offs, a falling property market and serious liquidity issues. However, Barclays Bank has managed to obtain clearance from the Financial Services Authority with regards to current liquidity levels without referring back to the UK government for additional investment.

While it may be too soon to call a recovery in the sector, the signs are most certainly improving although there is a need for an increase in mortgage liquidity which will in due course benefit the property market. Many have been surprised by the fact that Barclays Bank was able to arrange its own funding without reverting to the safe option of the UK government. Last year's disastrous multibillion pound rights issue which was agreed with foreign investors would appear to have paid off handsomely and Barclays Bank directors are sitting pretty, fully funded and able to make their own decisions without undue influence from the authorities.

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