26 Feb '15, 10am

An alternative vision for RBS: break it up to create 130 locally run banks across England @NEFmoney

February 26, 2015 // By: Tony Greenham Big banks have had another bad couple of weeks. Not only has HSBC been hitting the headlines for all the wrong reasons, but RBS has suspended another two employees as the investigation into market rigging continues. And yet, as the general election looms ever closer, financial reform has slipped off the political agenda. We’re told the 2008 crash was caused by excessive public spending, rather than irresponsible banking, and that’s what must be cut back. As a result we haven’t come close to giving our financial sector the transformation it needs, and the UK economy remains uniquely vulnerable to the next big crash. RBS presents a unique opportunity to kickstart this transformation and rebuild public trust in the UK banking sector. We’re proposing the break-up of RBS into 130 new locally run banks, creating a network of truly local ban...

Full article: http://www.neweconomics.org/blog/entry/an-alternative-vis...

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