UK Banks

This week has shown that the fat cats that head up the retail banking and mortgage industry in the UK think that they are (i) above the reach of the law, (ii) beyond the influence of the public who they constantly rip off, and (iii) are intent on ONLY lining their pockets and increasing their own PERSONAL wealth.

I saw a street interview where the reporter was stopping people in the street and asking for their feelings on the banks failure (and total lack of intention) to pass on the 1.5% rate cut to their customers. Her response was that in her opinion “the banks of this country are morally bankrupt”. I have to commend that lady for her choice of words, and until the government pass appropriate legislation THAT IS THE WAY IT WILL STAY!

We – you and I, tax payers, have bailed the banks out of a situation of THEIR OWN making. How do they DARE think that we will sit back and simply accept that they can return to doing exactly what they did to get us into this situation in the first place. They (the banks) take our money every pay day, impose unreasonable charges on the slightest whim or fancy, lend at extortionate rates and spend enormous amounts of money on projects that involve placing more and more jobs offshore.

This time The Chancellor and Prime Minister stepped in and bluntly told the Banks that they HAD to pass on the savings. Hopefully next time that level of intervention won’t be necessary, but take my advice, don’t bet on it!