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Alistair Darling targets UK banks yet again

The continuous onslaught of negative press and negative headlines in relation to the UK banking sector continues today with Alistair Darling accusing the banks of a "kamikaze" attitude in relation to loans. He believes that the reckless lending of various banks in the UK, and around the world, ultimately led to the credit crunch and the ongoing recession which we are feeling now. But is the government using the banking sector as a scapegoat?

While there is no doubt that the UK banking sector has, in the recent past, chased profitability both in the UK and overseas, this has happened with the full blessing of the UK government. However, at the first sign of trouble the UK government has jumped ship and turned upon its former partner in so many different PPI initiatives. Many people also forget that the UK Treasury has for many years received billions upon billions of pounds in taxes in relation to significant remuneration packages and excessive bonuses in the City. Were they complaining about the growth of the UK banking sector then?

While there is no doubt that UK banks did over extend themselves in the run-up to the credit crunch there is also significant blame to attach to consumers who borrowed recklessly and continued to chase assets such as property higher and higher. Surely the UK banking sector is not the be all and end all of the UK economy?

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