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UK government to announce new financial education agency

At a time when UK finances, both the government and personal finances, are rock bottom, the government will this week announce plans for a new financial education agency, the cost of which will be paid for by UK banks. Despite the fact that the banking industry already pays a massive levy to the FSA (Financial Services Authority) it looks as though costs will increase for the sector at a time when capital requirements are also set to rise. So who will pay in the end?

Many people will be dismayed to learn that in effect UK consumers and UK businesses will pay the price of additional costs levied on the UK banking system. While a new agency which will allow consumers to understand issues such as compound interest rates and mortgage deals, much better than they have in the past, will be well received, there will be an increase in banking charges along the way. It seems that the UK authorities never learn the fact that penalising the banks always ends up with consumers and businesses footing the bill which in many cases seems to far outweigh the potential benefits associated with the many moves we have seen over the last few months.

Will the authorities ever learn!

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