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The dangers of focusing on the financial sector

The proposed rise in the uniform business rate, which is set to hit the UK retail sector, is the latest in a long line of unhelpful moves by the UK government at a time when the UK banking sector is receiving billions upon billions of pounds of state assistance. There is a growing feeling that too much focus is being placed upon the banking sector to the detriment of every other sector in the UK, something which may well come back to haunt the Labour government in the 2010 general election.

There are seriously worries that a significant number of retailers could go under over the next 12 months with planned tax increases for the sector set to cost a staggering £1.4 billion a year. This comes at a time when even the major retailers in the UK are struggling to make ends meet and the smaller independent chains are being forced to cut staff to fend off possible financial oblivion. If the UK government is unwilling or unable to assist the UK retail sector what chance do businesses have of procuring more funding from the UK banking sector?

While the UK banking sector continues to enjoy significant taxpayer funded aid it seems that many other areas of the UK economy are in serious danger.

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