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Mervyn King calls for UK banks to be split

Mervyn King, the Governor of the Bank of England, has been in the news amid calls for UK banks to be split to reduce their influence on the UK economy. This is not the first time that the Bank of England has in fact called for such a move as it is obvious to all parties that the UK financial sector is effectively running the UK economy.

There were calls to hive off the less risky deposit businesses from the high risk investment arms of many UK banks but it is unlikely that this will go through as the vast majority of UK banks are publicly owned businesses. Even though the UK government, and regulators, could put pressure on UK banks to reduce their influence it is unlikely to happen without a major fight.

It was only after the recent credit crunch that the strength of the worldwide financial sector was highlighted and the fact that while governments around the world believe they have control these thoughts appear to be unfounded. It is interesting to see that the Bank of England has in fact increased its public statements over the last few weeks as we get ready for a potential Conservative government which would hand more power back to the "Old Lady of Threadneedle Street".

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