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UK minister calls for more radical reforms

Paul Myners, the UK Treasury Minister, has this evening called for a more radical approach to bank reform amid signs that the pressure is growing on the UK government. One of the recommendations which Paul Myners makes covers the subject of remuneration packages for non-board members of financial institutions. The UK government appears to be determined to reveal the highest earners in the city and effectively "name and shame them".

However, this move to reveal the most private of financial details to the wider world comes from MPs across the various parties who have tried for years to keep their own finances private. Quite why the authorities believe that now is the time to reveal details of remuneration packages in the city is unclear but there appears to be something of a vendetta against the financial sector.

When you consider that the UK government has "invested" around £1.4 trillion into the UK banking system surely now is the time to try and get UK banks back on board and work together. Revealing the innermost secrets and innermost private details of the highest earners in the UK financial sector does not bode well for attracting the sharpest financial brains in the future.

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