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UK banks made £15 billion in first six months of 2010

The big five banks in the UK this week reported combined profits of £15 billion in the first six months of 2010 in sharp contrast to the massive losses reported last year. Despite the fact that UK taxpayers now stand on a £6.7 billion paper profit on investments in Royal Bank of Scotland and Lloyds Bank there is still concern about the level of liquidity in the UK business and consumer markets. So are UK banks doing enough?

While there is no doubt that UK banks have staged a massive turnaround from last year's losses there is concern that a risk-averse attitude to the UK financial arena is starving consumers and businesses of essential liquidity. However, while UK banks have this week been very quick to confirm levels of new lending it has also become apparent that many in the UK have been paying off their debts. In fact Lloyds Bank saw a net balance of £0 with customers paying off as much as the bank was able to pay out.

This is obviously a concern for the UK authorities who are now depending upon the banks to pull the UK out of a potential double dip recession.

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