Alistair Darling attacks UK banks
Alistair Darling has today attacked the UK banking community amid claims that banks are not abiding by pledges they gave to the government in return for financial assistance. This is the latest in a tit-for-tat battle between the UK government and UK financial sector with consumers and businesses stuck in the middle. Despite apparently receiving what they believed were watertight pledges from the UK banking community, with regards to future lending, it seems as though banks are either unwilling in or unable to offer the financial backing required to pull the UK out of recession.
The UK government is now in a very difficult situation having used hundreds of billions of pounds of UK taxpayer's money to shore up a system which has yet to recover and we are yet to any return on taxpayer's money. With the election just around the corner the government will be keen to pass the blame to the UK banking sector although as we have said on a number of occasions, the UK banking sector appears at this moment in time to be far stronger than the UK government.
There was even concerned that regulatory promises may well be watered down to try and find some middle ground between UK banks, the UK government and UK regulators.
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