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UK banks back in the spotlight

Analysts expect the top 5 banks in the UK to announce profits for the first half of 2010 in the region of £8.4 billion, something that will again put the sector back in the spotlight. This comes at a time when the UK government is looking to introduce new taxes to reduce bonuses and remuneration packages in a sector which continues to thrive despite the fact the consumers and business in the UK are still struggling to get over the worst of the recession. So will the UK government actually make a difference this time?

While there is no doubt that the coalition government would like to squeeze the UK banking sector so hard that bonuses and remuneration packages are reduced, this is just not possible. The authorities need to keep the UK banking profession on side to ensure that liquidity improves in the short, medium and longer term in the UK money markets. There is also a danger of pushing some of the best names in the UK banking arena into the arms of overseas financial centres, to the long term detriment of the UK.

However, whatever the authorities decide to do it looks as though the headlines in the financial arena over the next couple of weeks will not make comfortable reading!

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