The Post Office is launching a current account in the Spring. It could be a massive challenge to the banks.
Cyrpus’ banking sector is grossly inflated with assets and liabilities at around €126bn, or 700% of the island’s GDP. Yet our own banking sector still has assets and liabilities equal to 450% of our GDP.
Do you trust banks? People are more likely to feel ashamed or angry
The news that Eric Van Der Kleij, the outgoing chief executive of the Tech City Investment Organisation (TCIO), has taken up a new role as an advisor to Canary Wharf Group could have massive repercussions for the financial sector in London.
It’s usually foolish to look back into the past in the hope of finding some sort of mythical, halcyon “good old days”. They usually weren’t.
Unparalleled levels of imprudent lending; corrupt banking practices; soaring inflation and rising unemployment; government bank bailouts and an economy dependent on increasing levels of debt to sustain growth. Sound familiar? It would have done to Briton’s in the 1830s.
Their objection is based on a fundamental misapprehension of what took place in 2008. This was not a case of a few badly-run banks failing. Rather the entire UK banking sector failed. It was a systemic collapse.
The era of moderate politicians is at an end. Right across Europe many people who grew up on a diet of consumerism and political cynicism are beginning to shake-off apathy and re-engage. As a consequence, from the Élysée Palace to the so-called “cradle of democracy”, the people of Europe are starting to rediscover the radical possibilities of the ballot box.
The Coalition might argue that our exporters would have made even more of a contribution if the Europeans had sorted things out. But on the Office for Budget Responsibility’s forecasts, trade has actually come in better than expected.
Be wary of those who confidently assert that our present economic malaise is a consequence of high household debt levels. And certainly don’t accept for a moment the argument that British banks fell over because they lent too much to us.
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