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Bank of England stokes up fury of the City

Andy Haldane, the Bank of England's head of financial stability, has poked another stick at the UK financial sector with a suggestion that an exodus of bankers is a "price worth paying". In the interview on the BBC World Service's Business Daily programme, Mr. Haldane presented a grim view of the banking system, and one that is likely to provoke more fury from the city during a period of continuous pressure and continuous taxation of the U.K.'s most prominent business arena.

In simple terms, Andy Haldane believes that the UK banking sector has become far away too powerful with the knowledge that if large gambles go wrong the UK taxpayer will be there to bail it out. He believes that an exodus of bankers to overseas markets would reduce the cost of running the UK financial sector and also slash the cost of any potential problems in the future. Whether this is an acceptable "hedge off" between the income which the city brings in and the risks associated with running the UK financial sector is open to debate.

One thing is for sure, the UK banking sector, to the relief of the Labour Party, is set to be a prominent subject in the forthcoming general election.

The link to the full interview on the BBC website can be found here:

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