Greens Claim Banking Not Fit For Purpose – So What’s The Alternative?


The Financial Times (subscription required) reports that the Green Party believes that the “the existing banking system has failed and is no longer fit for purpose”.  It would retain the UK government stake in Royal Bank of Scotland and Lloyds Banking Group, which were part-nationalised during the financial crisis, and use them to create a “People’s Bank” that would “in effect be a high street branch of the Bank of England”.

Retail and investment banking would be separated and no institution would be allowed to operate in both markets simultaneously. In response, critics have said that the Greens are making a policy out of putting the country into a state of permanent recession, which would hurt living standards, not raise them.


*** Money&Co. is part of the marketplace lending, or peer-to-peer (P2P) business lending, sub-sector of crowdfunding. We are part of what commentators call “alternative finance”, and our lenders have loaned some £4 million to small and medium-sized businesses in the UK since the first loan was offered for auction on site in late April last year.

Money&Co. lenders have achieved an average gross yield of 8.2 per cent. New loans are in the pipeline, and existing loans are up for sale in the loan market.

Please remember that yield is not the only factor to consider when committing capital. Lending to businesses, even carefully vetted ones, carries risk. Read the risk warnings on our Home page, and in our Frequently Asked Questions.


Search news

You may put double quotes around your search to search for literals. Max. 4 words inside quotes (dashed words count as one word).

Allowed symbols: " ' & -

More from news

Disclaimer: Money&Co.™ is the trading name of Denmark Square Limited, Company Number 08561817, registered in England & Wales, authorised and regulated by the Financial Conduct Authority (FCA). The company is identified on the Financial Services Register under Reference Number 727325. The registered office is 58 Glentham Road, Barnes, London, SW13 9JJ where the register of Directors may be inspected. Denmark Square Limited (ISA manager reference number Z1932) manages the Money&Co. Innovative Finance ISA.