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Let's blame the City for all of our woes

It was inevitable but few thought that the government would actually utter the words which were heard at the Labour Party conference today as they sought to blame the City for everything which has gone wrong over the last decade. The City has been targeted by the government - with the strong backing of the Unions - in a rich versus poor, good versus evil battle to attempt to contain City wages and excessive City bonuses. But the City is not to blame for everything!

The government forget that they have gone cap in hand to City when they have floated off companies over the last decade, when they have needed extra funding for the budget and when PFI plans were in need of partners. While there is no doubt that City wages and bonuses can be excessive, this is a cut throat environment where your career can be cut short after only a few years - this is no cushy seat in the House of Lords or the Houses of Parliament.

To the person on the street the figures we see mentioned are out of this world but they do not see and feel the pressure that these City workers experience on a daily basis. Who do they think looks after their pension funds, their investments and is heavily involved in keeping the wheels of UK industry moving forward? They are not all spivs, they do not all short stocks and push prices lower but that is the image which suits the government at the moment.

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