Imagine an industry dominated by businesses that offer poor service, enjoy a terrible public image and lose billions of pounds. They don't go bust, but increase their market share under a supportive regulatory system. A ludicrous scenario, of course - but it describes much of Britain's banking industry today. Street Cred examines the failings of the current British banking market and the lessons that can be learned from local banks across Europe. The report considers Britain's banking system past and present, and explains how regulatory barriers to entry have bequeathed us a banking sector that is seriously unfit for service. This has harmed customers, businesses and neglected regions. Stephen L. Clarke explains how local banks helped to absorb much of the shock of the financial crisis in the Swiss and German economies, fostering a better recovery than that seen in the UK. He also shows how Handelsbanken, a Swedish multinational bank with a decentralised structure, is now seen as one of the most profitable and resilient in the world. Unfortunately, Britain's local banking sector has been eroded over the course of the last three decades. Hasty and flawed privatisations; uncompetitive mergers; a regulatory structure that cements the position of the commercial banks; and the failure to empower local authorities have created a banking system that fails to serve the domestic economy. Barriers to entry must be removed. Local authorities need to be empowered to establish and assist entrepreneurs to create local banks to keep credit in the local community. While Britain's international finance industry was becoming the envy of the world, its domestic banking system was becoming a basket case. Street Cred shows that the British government should recognise the benefits that local banks bring to an economy and reform the banking system that currently enriches itself whilst neglecting businesses and consumers.
Street Cred: Local Banks and Strong Local Economies
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About the Author
Stephen Clarke studied Modern History and Politics at St Anne's College, Oxford University. He is currently a Research Fellow at Civitas examining the state of the UK economy and its financial services. In November last year he wrote 'German savings banks and Swiss cantonal banks, lessons for the UK', which highlighted the benefits that local banks could bring to the British economy. His other publications include 'Four Industries and a Funeral? Import Substitutions - a Test of the Possibilities in the Glass, Paper, Steel and Automotive Sectors' and 'The STEM subject push'.
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very good summary of what is needed to kick start our local economies. Full of practical suggestions that not only could work but have been successful in other countries
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