Home > Economy, Great Britain, Labour Party, POLITICS, UK, UK Economy > How to deal with Greedy & Nasty British Owned Banks.

How to deal with Greedy & Nasty British Owned Banks.

There is a possible course of action that we can take to deal with arrogant, selfish and greedy British owned banks some of whom apparently told Chancellor Darling at the Bankers meeting today that they are not “charities” and may not pass on the next basic interest rate cut.  

We could offer tax incentives to European and American banks to open up banking chains in this country with a view to extending competition as long as they accept to align themselves to the basic rate of interest and its consequences, on the high street.  We could offer cash support for a new network of branch offices and atms so that they can effectively compete with our immoral British bankers.  Some of the finance could come from a windfall tax on British financial institutions or increased business rates on their properties. 

We believe there is scope for increased competition as there is in other business activities and that just because British owned banks are well established they should not be immune to competition from international banking chains.  Santander is already active through Abbey so perhaps something could be done to extend participation of foreign banking chains.

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