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Paul Tucker paints a picture of a revamped banking sector

Paul Tucker, the deputy governor of the Bank of England, has today stepped into the limelight to suggest that the banking sector of the future will be very different to the one we see today. It would appear that the Bank of England, whether the UK government agrees or not, is looking for banks to become less profitable, less complex and more socially responsible in the months and years ahead.

Even though there are strong rumours that the Bank of England could be taken away from the centre of the UK regulatory system, Mervyn King, the Gov of the Bank of England, and Paul Tucker have been very vocal of late. The main reason for their comments regarding the future of UK banking sector is, as we covered earlier today, the fact that taxpayers are being forced to shore up traditional banking operations while inadvertently assisting the more risky services also available.

While many believe that the comments in the press from the UK government, the Bank of England and the FSA are purely designed to give them the best position at the negotiating table, there are great fears that the Bank of England is being sidelined. It would appear that the Bank is suffering due to its unwillingness to be a "yes person" at the beginning of the UK recession when the UK government was demanding action from what is supposed to be an independent Bank of England. Could the Bank now pay the ultimate price?

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