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Banks under pressure for take take take attitude

The revelation that the UK Supreme Court ruled against the Office of Fair Trading in the long-running overdraft charges saga, as well as the fact the UK government has watered down disclosure regulations for banking salaries, have put the UK banking sector back in the limelight. Amid accusations that the sector is taking massive amounts of money from the UK taxpayer and giving little in return there is growing resentment amongst consumers and businesses in the UK.

The revelation that HBOS and Royal Bank of Scotland received over £60 billion in "secret funding" during the height of the recession in October/November last year, together with the Supreme court ruling yesterday is doing nothing to dispel the "take take take" attitude of the banking sector. UK taxpayers have now funded the system to the tune of hundreds of billions of pounds, but what have they received in return?

Despite many loud noises from the UK government regarding regulation of the banking sector it seems as though the "tail is wagging the dog" and the banking sector is effectively dictating to the UK government. This is a very dangerous situation for the UK authorities who are being undermined in the public arena and with a general election just around the corner the UK government is playing a very dangerous game.

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