Employment vacancies showed a year-on-year increase of 82%, with over 5,700 vacancies announced in May as compared to 3,150 in May last year. This surge is seen by experts as a sign of flourishing business in the city of London. Thus, it seems like the financial sector is in the process of a strong resurgence, despite the fact that the UK economy is yet to completely recover from the shocks of recession.
The UK government is faced with dual responsibilities of supervising the recovery in the UK economy and also mitigating the mounting displeasure amongst the UK taxpayers, who after bailing out the UK banking industry, are themselves struggling. The growth seen by the now resurgent banking industry, when compared to the credit-starved condition that exists in the rest of the country, clearly seems inequitable.
Barring Lloyd Bank and Royal Bank of Scotland’s assurance to increase lending in the UK, all the other attempts made by politicians to get banks to increase their lending have met with tepid response.
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