If only the study they were promoting wasn't written by the consulting company that does millions upon millions in business with many of the banks who were bailed out during the banking crisis. I guess making that little link wasn't considered important enough to mention. How is it possible to overlook the fact that PWC includes was being paid handsomely by the dysfunctional bankers who caused the global recession?
Maybe someone could ask what PWC was actually doing with those customers who were supposed to have someone checking their books. But again, that industry is as corrupt and rotted as the banks themselves. Shouldn't the public be made aware of these connections? It's disappointing that The Guardian also failed to mention this very important business link in it's article.
The banks, through the British Bankers' Association (BBA), intend to tell the chancellor that when the Bank of England pulls the plug on these liquidity programmes some £400bn will be withdrawn from the UK's banking system. The schemes were put in place to help get money flowing between banks after the credit crunch, but are due to end in 2012.
The banks have also calculated that demands by international banking regulators in Basle that they bolster their capital will require the UK's banking industry to hold an extra £600bn of capital that might otherwise have been deployed as loans to businesses or households.
The banks are drawing on research conducted by PricewaterhouseCoopers, some of which was used to appeal to G20 leaders ahead of last month's meeting to delay regulatory changes, in setting out their concerns to the chancellor. The research claims that two percentage points would be sliced off UK economic growth because of proposed regulations, driving the country into a double-dip recession.
