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    No-one is saying that they dont need regulation and my point is that Labour's changes to regulation was the catylist for the banking problems so the real blame lays with Brown. I am also saying that they need to be scrutinised properly by the Bank of England with appropriate powers. No-one is saying they should not be properly regulated.

    These are international businesses and if you punish them too much then they will take a lot of their City operations (as opposed to their retail banking side) off-shore and that will be bad in many ways:
    1/ These operations will be conducted outside the scrutiny of UK regulators and could end up with a repeat of old problems in years to come.
    2/ A lot of well paid British jobs will be lost alongside the tax revenues they generate.
    3/ The City will lose a lot of its prestige as one of the main two world finance centres and £billions in so called 'invisibles' income will be lost to the UK economy.

    We would all be losers just because of silly and irrational hatred and envy of bankers, not all of whom are villains, far from it. Most do a good and responsible job.

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