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PPI Claim News - 31/3/2010

Bank charges: Banks are 'polluting the economic system'

As banks continue to operate relatively unregulated they are at risk of polluting the economy.

That is the opinion of financial commentator Anthony Hilton who wrote in the London Evening Standard that a proper debate needs to be formed in order to create a stringent reform on the banking sector.

"Whatever benefits they bring to individuals, banks impose costs by polluting the wider economic system just as cars put costs on people other than their drivers by polluting the atmosphere," he writes.

Mr Hilton went on to say that while regulations are in place to limit the level of car emissions, we are "still subsidising the banks' petrol with implicit government guarantees that they will not be allowed to go bust".

His comments come after the true scale of the banking crisis was revealed.

Measured in terms of lost global output, the economic downturn could be to the tune of between US$60 trillion (£39.6 trillion) and $200 trillion (£132 trillion), with the UK alone accounting for £1.8 trillion to £7.4 trillion of this loss, the news provider reports.

Both Lloyds Banking Group (LBG) and Royal Bank of Scotland have been bailed out by the government and are 41 per cent and 84 per cent taxpayer-owned respectively.

If you would like to make a credit card charges claim to get back all your late payment / over limit fees in the last 6 years from LBG or RBS then fill out the Quick Claim or call Belmont Thornton on 0845 526 0000.

Posted by Charles Baker
Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-19699344-ADNFCR

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