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Were huge banking loans within the rules?

Yet again the UK government and the Bank of England appear set on a collision course over the revelation that over £60 billion was loaned to Royal Bank of Scotland and Lloyds bank between October and November last year, at the height of the UK financial crisis. While these particular payments were never made public at the time there has been some concern within political circles that they may have been against the rules.

However, the UK government has today been rebuked by the Financial Services Authority (FSA) which has supported the stance of the Bank of England with the suggestion that the loans were well within the rules at the time. It is evident that there is a public backlash against the use of taxpayer funding, especially without the knowledge of taxpayers, and ultimately the UK government appears to be siding with taxpayers even though it was well aware of the loans at the time.

The UK government, the Bank of England and the FSA do not appear to be "singing from the same hymn sheet" at this moment in time and there is concern about disharmony in the camp. However, in reality the UK government has its hands tied because it cannot afford to upset voters as we approach the next general election.

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