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Gordon Brown urges banks to confirm losses

In a move which is sure to cause yet more friction between the government, UK banks and taxpayers Gordon Brown has come forward to suggest that the UK banking sector should be more forthright with confirmation of losses. If the government is aware that losses are being "hidden" or not disclosed in a forthright manner then why on earth have they already invested billions upon billions into the sector?

There has been talk of toxic asset write-downs for some time and many believe that the corporate property market is struggling with many banks in the UK carrying potentially large losses. This move by Gordon Brown coincides with talk of a "Bad Bank" to be set up by the government, funded by taxpayers, to acquire toxic assets off an array of UK banks. This will not only limit the liability of the UK banks but should take away much of the confusion and firm-up their asset bases.

If Gordon Brown thought pushing through the bank bailout part one was difficult he is sure to find that pushing through the bank bailout part two will be more difficult than ever before. UK taxpayers have yet to see any benefit from their billions upon billions used already and will be very reluctant to add to this figure.

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