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UK government blames banks for current debacle

Gordon Brown's very public attack on the current and historic management of Royal Bank of Scotland has blown open a potentially damaging situation in the UK government. Despite encouraging UK banks to fund the massive increase in property prices over the last few years it would appear that Gordon Brown is today laying the blame of the current problems fairly and squarely at the door of the UK banking sector.

This is a highly dangerous accusation to make and one which will no doubt come back to haunt the current government. Many remember that over the last decade the UK government has systematically reduced the regulatory burden on the UK financial sector in an attempt at "self-regulation" and as a way to encourage growth all around the world. Now that this unprecedented growth period is over it would appear that the friendship between the UK government and the UK banking sector is well and truly over.

Gordon Brown was Chancellor of the Exchequer for many years during the boom times and many people blame him for the massive increase in UK national debt and the problems this will cause in the future. While broadly there is support for Gordon Brown's attack on the UK banking system there are fears within government circles that in time these attacks will turn inwards towards the UK government.

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