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Lord Myners calls for Independent financial review

Lord Myners, despite spending months looking into the workings of the city and the financial sector, has called for an independent review of how the investment banking industry now dominates many different areas of UK society. Whether this is just yet another attention grabbing headline on behalf of the UK government or actually a policy which the authorities will see through in the short to medium term remains to be seen.

Those who follow the political scene, and the financial scene, will be well aware that often derogatory political headlines are followed by attacks on "public enemy number one" which is the UK financial sector at the moment. It is not only the Labour Party which utilises out this particular strategy with the Conservatives and other political parties also quick to make mileage out of the public's perception of the financial sector. However, we need to see more substance and more action rather than just words!

Many people believe that the UK financial sector has grown far too strong and is now far too influential on the UK economy. Reducing its influence and power in the short term could well reduce economic growth in the foreseeable future - but is this a risk worth taking?

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