MPs blame bankers for economic turmoil
Yet again the UK banking scene has come in for some significant criticism from MPs across all parties. Blaming a culture of "easy rewards", the fault for the current economic climate has been laid fairly and squarely at the door of the UK financial sector. However, this is now old news and many consumers across the UK are more interested in the future and how regulators will ensure we do not see a repeat of the debacle.
While there is no doubt that the UK banking sector has spawned a substantial number of millionaires of the last decade it has also come to the rescue of the UK government on a number of occasions. The continuous pursuit of profits, often coming with additional risk, pushed not only the UK banking sector to the limit but also saw the worldwide banking sector overstretched. If nothing else, the ongoing economic crisis around the world has shown how critical the banking sector is to the worldwide economy and how much power these institutions hold over everybody.
As a consequence we are seeing more and more regulators from around the world suggesting a "carve up" of the worldwide financial sector to reduce the power and potential for further mishaps in the future.
Share this..
Related stories
Is Gordon Brown looking to control the financial sector?
In his days as Chancellor of the Exchequer Gordon Brown was renowned for his ruthless domination of the Department and his wish to have total control over even the smallest matters. There is now speculation that, in league with Alistair Darling, Gordon Brown is looking to take over the direct regulation of the UK financial sector and leave his mark when he finally leaves office. But is this the be...
Read MoreIMF set to issue $1 billion loan to Ghana
The International Monetary Fund (IMF) has today confirmed that over $1 billion will be issued to the government of Ghana in order to stabilise the fragile economy. The country has seen a significant drop in the exchange rate, the budget deficit balloon out of control and an economy which is struggling more than most in the worldwide recession.
Ghana is the second largest cocoa produ...
Is Gordon Brown being sidelined by the US authorities?
Gordon Brown's hopes of taking control of the forthcoming G20 summit in London took a major hit today with the revelation that Barack Obama and US government would not be seeking any "specific commitment" from the meeting of the world's most powerful countries. There is a belief that Gordon Brown had hoped to bring together a major agreement between all parties which he could have then used to inc...
Read MoreCBI criticises Scottish government
Ian McMillan, the director of CBI Scotland, has issued a New Year message to the Scottish government citing "disappointing behaviours" by the authorities in Scotland. Despite the fact that Mr McMillan had initially been upbeat about the performance of the Scottish government in the early days of the recession, he believes that now is the time for action not words and there have been mistakes made...
Read MoreGreek economy under pressure
Shares on the Greek stock market fell by 6% today amid concerns that the country is struggling under a mountain of debt and may be unable to repay liabilities in the short term. The catalyst for the fall in the Greek stock market was the announcement by credit rating agency Fitch that it has cut the rating on Greece's debt to a ten-year low. There are concerns about the short, medium and long-term...
Read More