Lord Mandelson attacks Obama's banking reforms
In a move which is certain to sour the relationship between the US and the UK government Lord Mandelson has today gone on the attack suggesting that President Obama should be looking towards unilateral G20 banking reforms rather than concentrating upon the US. It would appear that many members of the G20 are concerned about a flurry of announcements coming from the US, without consultation, regarding specific changes to the US banking system.
There is no doubt that the banking arena which we see today is very different to the one we saw last year and one we will see in 12 months time. However, it is proving ever more difficult for financial companies to navigate through these constant changes in the financial environment, increased taxes and increased regulation. Whether Lord Mandelson is correct in potentially alienating the US authorities from the EU and the G20 is debatable but there have been concerns bubbling under the surface for some time and they are now starting to come out into the open.
This all comes at a time when the major economies of the world should be pulling together and looking at a focused approach to the worldwide banking industry, the worldwide financial markets and the worldwide economy. Now is not the time to be focusing on national economies and national financial markets to the detriment of the worldwide arena.
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