Photo credit: Paolo Margari
A dysfunctional financial sector led us to the brink of disaster in 2008, and yet bank reforms aren’t going far enough to tackle the root causes of the economic crisis. Our four big banks remain too big to fail, and continue to engage in the risky and unproductive activities that caused the crash. We need to establish a more stable, sustainable and socially useful banking system.
- The UK government pledged 89% of GDP to bail-out out our banks.
- 45% of Americans are members of their local credit union, compared to 2% of Britons.
- The UK banking sector is one of the least diverse in the developed world – local banks make up just 3%, compared to 67% in Germany and 34% in the USA.