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Lord Turner backs UK financial sector

Lord Turner, the chairman of the Financial Services Authority, believes now is the time to lay off the UK banking sector which has been demonised for many months now. Only yesterday we saw Nick Clegg and Vince Cable stepping up to the mark to suggest that the government will "do whatever is needed" to attack the greed of the UK financial sector. There is now a danger that the banking industry will be effectively separated from the rest of the UK business arena and held at arms length by the UK government.

The problem for the UK government is the fact that the UK banking industry effectively holds the purse strings of the UK economy and will play a major role in the eventual recovery of the UK economy. If bankers are demonised, capital adequacy levels are increased, taxes are increased and effectively the sector is cut adrift, why would bankers in the UK rush to help the UK government in the future when assistance is required?

We need to draw a line under the problems surrounding the UK financial industry, bonuses and capital assets and focus upon the UK economy, UK population and the UK business arena - before it is too late.

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