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Alistair Darling threatens legal action against the banks

In a move which few people believe will actually follow through it has been suggested that Alistair Darling has taken legal advice regarding the reluctance of the UK banking sector to fund the small business sector in these difficult times. The situation seems to go back to the recent bailout and the belief that one of the terms attached to the bailout was the funding of the small business sector.

On one side the government is very keen to try and refloat the economy and in particular the small business sector, while on the other side the banks are claiming they need to be realistic and protect what cash flow and assets they have left. There are valid arguments on both sides and it is literally a case of which came first "the chicken or the egg" with regards to trying to pump life back into the UK economy.

If Alistair Darling does take legal action this will be the first time ever that the UK banking industry has been taken to court by the government and as such appears to be very unlikely, and more of a potential threat than something which would be carried out.

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