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Bank refunds: BBA chief advises against bailing out banks

Chief executive of the British Bankers’ Association (BBA), Anthony Browne, has said that government should not continue to bail banks out.

In a speech before the Institute of Directors, he said that the government should allow failing banks to ‘die’ rather than spending taxpayers’ money on rescuing them.

He talked about the fact that taxpayers were unhappy that the money that they had earned had been used to rescue banks.

Mr Browne said: “Money that could have been used to pay for teachers was instead used to prop up major financial institutions.”

Royal Bank of Scotland (RBS) and Lloyds had to be bailed out by the UK government during the financial crisis. The taxpayer now owns around 80 per cent of RBS and 40 per cent of Lloyds respectively.

Chancellor George Osborne recently announced that banks would have to ring fence their investments from their retail operations in order to lessen the risk of banks needing to be bailed out.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801549249-ADNFCR

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