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Damning report issued into UK banking collapse

The Treasury Select Committee has this week issued a damning report into the UK banking system and the recent near collapse of the sector. Citing the uncontrolled surge in bonus and remuneration payments the committee has ultimately left the blame for the near collapse at the door of UK regulators. However, despite public uproar and the fact that nationalised banks are paying significant bonuses to staff, the committee has upheld the argument that bonuses are required to attract the best employees.

It seems on one hand that the Treasury Select Committee is suggesting that bonuses and undue risk was behind the UK banking systems troubles, while on the other hand admitting that bonus payments are essential to attract high calibre staff. Why UK taxpayers should be funding ever-growing bonus figures for nationalised UK banks, which if left to their own devices would have been out of business by now, remains to be seen.

What has become ever more apparent over the last few weeks has been the ability of MPs and regulators to look backwards but an inability to look forward with any great confidence. Overall liquidity in the UK money market is still down on traditional levels which has impacted upon the UK mortgage market.

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