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Will overseas banking companies take advantage of UK turmoil?

The UK banking arena has changed dramatically over the last two years with many of the former leading lights of the UK banking industry pushed to one side and often ridiculed and abused in the press. This has left something of a vacuum at the very top of the UK banking industry and there are concerns that overseas markets and overseas companies will take advantage in the medium to longer term.

The situation has not been helped by introduction of various taxes and additional regulatory costs which have hit many UK companies very hard. We have also seen friction between the UK government and the likes of Royal Bank of Scotland, Lloyds Bank and other leading banks in the UK. The truth is that if the UK government and the UK banking arena cannot work together then we could see significant business leaving for foreign shores.

When you also take into account the fact that the European Union is looking to reduce the power of the City of London, the short-term situation is very difficult to say the least. We need to see London return to its very competitive base of the past and we need to see friction between the authorities and banking arena reduced and pushed into the background. But will this happen in time?

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