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Should we be taking financial advice from the government?

The UK government will this week announce plans to set up a financial education agency which will be funded by an additional levy on the UK banking sector. While many people, including consumers and consumer groups, have welcomed the move, should we really be taking financial advice from an agency set up by the UK government?

When you look back at the UK economy over the last decade, there is no doubt that Gordon Brown in particular has benefited from a massive economic boom which has pushed property prices to new highs and personal wealth to levels never seen before. However, the credit crunch effectively opened up a "can of worms" in the UK where the government was seen to have overspent, forgot to save and bled many areas of the UK economy and population dry with direct and indirect taxes.

It has to be said that the current government does not have a good track record on planning ahead and looking forward to the future with regards to financial stability and financial resources. Against this background, should we really be looking towards the UK government, or an agency of the UK government, to give us financial advice on mortgages, loans, and other financial issues?

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