Britain’s banks aren’t working for the poor. We, the better off, might moan when our internet banking crashes or in-branch mortgage advisers can’t meet us on Saturday mornings; but these are frustrations the poor can only dream of. The individuals and families most in need of ethical finance, clear rules, reliable advice and appropriate products, have almost nowhere to turn on our high streets today.
As a result some people never bother: 1.4 million people in the UK have no transactional bank account. For others, the banking industry’s hidden charges, penalties and standard fees mean they crash out of mainstream finance in even worse shape.
Exasperated and bruised, many turn to the kind of people you wouldn’t want looking after your grandmother. Ruthless legal and illegal lenders, free from ethical competitors, swarm around the vulnerable and the worried. Almost one million people say they use payday lenders because they can’t get credit elsewhere.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in