Banks-Give Them Some Credit!

Another week, another banking "scandal".

The story in sundays UK newspapers was of alleged drug purchases by a former bank chairman.

Banks have been made the fall-guys for all the ills of our society.

THIS IS BOTH WRONG-HEADED AND DANGEROUS.

We need our existing banks-in fact we need more!

Banks were not solely responsible for the economic crisis that hit the World 5 years ago.They were a small part of a massive structural problem in Western economies.However,they were easy to blame, so they duly carried the can.Soft targets for poorly aimed darts of criticism.

Since 2008, banks have faced multiple accusations of poor selling techniques and badly managed rate-setting processes. Some of the criticism has been fair but much has been simply a case of critics jumping on the bandwagon of blaming banks for everything-and getting compensation as a result.

If the UK economic recovery is to be completed, we need to stop the blame-culture that has assailed our banks. We need to support them so they in turn can support our country.

For over 300 years,British banks helped create the success of our nation.The problems of 5 years ago were serious but cannot be allowed to permanently undermine the vital role banks have to play in maintaining and growing our economy.

 

 

 

Monday, 18th November 2013

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