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Lloyd's Of London joins criticism of Lord Turner

Lord Turner has today come under further attack from Lord Levene of Portsoken who is the chairman of the Lloyds of London insurance market. Like so many people in the financial industry, Lord Levene appears to have lost patience with the FSA, and Lord Turner in particular, who appear to be trying to demonise the UK financial sector at every opportunity.

Many people seem to forget that the UK financial industry has been the main growth element of the UK economy over the last few decades and will almost certainly remain so for the foreseeable future. A number of commentators believe the UK government and the UK regulators are trying to blame the city for the recent recession when in fact both of these parties also had a part to play in the downturn in the UK economy.

This ongoing demonisation of the city and the UK banking sector in particular has great parallels with the relentless assault on Sir Fred Goodwin and his pension pot from the Royal Bank of Scotland. As we now know, the UK government actually authorised the pension payment to Sir Fred Goodwin and only started to complain after the figures were leaked to the press and the UK government was left with "egg on its face".

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