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UK bankers criticise tougher regulations

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UK bankers criticise tougher regulations

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Britain’s banks have said that they are not happy with proposed changes in banking regulations aimed at preventing a repeat of the credit crunch.

The British Bankers Association told the UK regulator, the Financial Services Authority, that it has not sufficiently considered the impact. The BBA said the proposals do not take into account the balance between financial stability and economic growth and if they have to keep more money in reserve it will effect the banks’ ability to lend to business and individuals. Meanwhile the employers group, the Confederation of British Industry, had predicted that the UK will pull out of recession earlier than previously forecast but it added that a sustained recovery is not assured and growth early next year will be modest.