At last weeks local banking conference co-hosted by nef (new economics foundation) and the Good Banking Forum we asked some of the speakers what they think their first steps would be to reinvigorate local banking. You can hear their thoughts by clicking below.
The Good Banking Forum includes a unique range of leading figures from academia, finance, politics, the law, trade unions, consumer and civil society groups that are demanding real reform of the banking sector.
The Forum emerged from the Good Banking Summit, organised by nef (the new economics foundation) and Compass in May 2011. The Forum challenges the limited scope of the Independent Commission on Banking, will mobilise public pressure for ‘Good Banking,’ and is campaigning to break-up the banks as a necessary first step.
Archive for December, 2011
Lloyds Banking Group has named the Co-operative as its preferred choice to buy the 632 branches it is selling under European competition rules.
Surely good news for all who support a greater role for co-operative banking in the UK.
Aditya Chakrabortty, economics leader writer for the Guardian posed this question in an article earlier this week. After looking at the numbers he concluded:
“…the City looks less like a goose that lays golden eggs, and more like an unruly pigeon that leaves one hell of a mess for others to clear up.”
He was drawing on a report by CRESC called After the Great Complacence.
“The Cresc team totted up the taxes paid by the finance sector between 2002 and 2008, the six years in which the City was having an almighty boom: at £193bn, it’s still only getting on for half the £378bn paid by manufacturing. “
The advent of ‘credit easing’, set out in the Chancellor’s autumn statement, was trumpeted as a huge innovation when he announced it at his own party conference two months ago.
Sir Mervyn King, Governor of the Bank of England has told banks to increase their capital reserves by cutting dividends and bonuses.
Building up capital reserves during this time of economic instability and maintaining lending were necessary and cutting dividends and bonuses would achieve that he argued.
You can read more at http://www.bbc.co.uk/news/business-15984291