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Is the rift between the banks and the government harming the economy?

As the UK government, UK banking sector and UK regulators seem more at odds with each other than ever before there is real concern that the growing rift, especially between UK government and the banking sector, is affecting the UK economy. Only a few weeks ago the banks, the government and the regulators seemed to be working in tandem and singing from the same hymn sheet, although now it seems very different.

The more pressure the government and regulators put on the UK banking system the harder the banks fight back and stuck in the middle are UK consumers and UK businesses. These are two areas of the economy which are crying out for increased liquidity although until some kind of agreement can be reached between all parties this seems to be something of a dream at the moment. The recent attack on the UK banking system by Lord Turner, the chairman of the Financial Services Authority (FSA), has further muddied the waters and pushed the UK banking sector further away from the UK regulator and the UK government than ever before.

Describing the UK banking sector as "socially useless" is a phrase which will come back to haunt Lord Turner and the government time and time again and one which UK banking sector will never forget.

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