Monday, 9 March 2009

Local banks

Vince Cable has backed plans to set up a local bank. The expropriation of mutual societies pursued by Thatcher-particular the sell off the the Trustee Savings Bank and the disappearance of local building societies has removed an important local/regional banking sector

Many of us have been talking about the need to localise banking once again. We clearly have a problem now with the large High Street banks having so centralised their decision making that there seems to be little local input into those decisions.

Liberals and other have been looking into how to expand the 'mutual' sector and explore the possibility of utility banking being sponsored by municipalities. Hence the article in the Daily Post today.