Labour could require a bank in every town

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Күн бұрын

Towns and large villages across the UK are being blighted by bank and post office closures. By making a simple change to banking regulation, Labour could require that every place with a population of more than 10,000 in the UK must have a banking hub - from which every bank and a post office could meet the needs of the local community and at no cost to the government at all.
#uk #politics #economics #labourparty #primeminister #parliament #bank #postoffice
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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Пікірлер: 111

@davidking5765 16 күн бұрын

There is no reason on earth that "Multi-banks" can't exist everywhere!

@piccalillipit9211 16 күн бұрын

*THAT WOULD BE A BRILLIANT IDEA* A single universal bank in every city - each bank has to pay a contribution to the communal cost

@OrwellsHousecat 14 күн бұрын

It's called the Post Office

@firebyrd437 16 күн бұрын

Reeves is an ex banker, and I bet my bottom dollar she would see this as an unnecessary cost to the banks. They are the party of business after all and are keeping no cap on bankers' bonuses

@penderyn8794 16 күн бұрын

Need Welsh banks back again. People forget that Welsh had its own form of pounds like the Scots

@BoredomIncarnate1 16 күн бұрын

My town went from a having a Natwest, Lloyds, RBS, Halifax, Barclays and Santander, to just a Post Office. This Post Office now holds the only ATM within 20 minutes walk of the town centre and often runs out of cash. The town is full of old people and there used to be queues to access bank services, they now have to spend 30 minutes on a bus to queue in the next town over.

@stevedavy2878 15 күн бұрын

Excellent, disgraceful that the Tories sat on their hands, while the Banks withdrew all face to face contact

@user-fb3yf2xb2z 16 күн бұрын

Yes please. Crazy to think that every member of society is fully tech-literate to do every banking need ' via an app' without having to ask any questions. Post Offices too. Brilliant idea. What we used to do!! Get community back in our community....

@rogerterry5013 16 күн бұрын

State bank based on post offices.

@vgstb 16 күн бұрын

Exactly!

@davestevenson9080 16 күн бұрын

international finance will never allow a state bank - ask gaddafi, hussein, assad & hitler

@therealrobertbirchall 16 күн бұрын

Do you trust the post office with your money?

@therealrobertbirchall 16 күн бұрын

Giro bank was supposed to be just that, another Labour innovation dismantled by the tories.

@zetectic7968 16 күн бұрын

We had one, it was called National Girobank & the (Tory) government sold it to Alliance & Leicester building society. We also had the Trustees Savings Bank (TSB) but Thatcher illegally sold it off because government was NOT one of the trustees

@7Cherubim 15 күн бұрын

I like using cash, and not having a local bank is a pain in the you know what. I don't trust internet banking, and prefer to speak face to face when dealing with my money.

@bampitony6108 15 күн бұрын

Did you know there are 67 MP of which some are on the board of directors and some have money in off shore banks..Look it up..Theres a conflict of interest here..🇬🇧🏴󠁧󠁢󠁷󠁬󠁳󠁿🏴󠁧󠁢󠁥󠁮󠁧󠁿🏴󠁧󠁢󠁳󠁣󠁴󠁿

@user-ln2wg7gb7n 15 күн бұрын

And guess who will be paying for it. Yes the consumers

@rjw4762 16 күн бұрын

Eight years ago when I left Yorkshire Bank to join Lloyds because the former had closed my branch, the Lloyds lady said that Banking Hubs was the future with a 'window' for the leading banks - if you're over 60 and requiring personal help, go to your bank's window. There is a hundred and one reasons why I didn't vote Tory last week, and things like this are among them - they should have ENFORCED Banking Hubs in Towns over a certain size - and the banks could use all that public money we GAVE them in 2008-09 to run them, but no, the Tories sat on their hands as they have been doing for the past 10 years. Then there's de-banking - but that's another story....

@chrism2966 15 күн бұрын

Better still, convert the Post Office into a bank. If the PO offered a full banking service and guaranteed every legal citizen a basic bank account ....... Work it out man.

@margaretpepper3550 16 күн бұрын

Simple answer....put a bank branch & post office counter in the largest supermarkets.....after all the big supermarkets have pharmacy's, clothes, etc...supermarkets would jump at the chance of attracting more customers into their stores!!

@VinoVeritas_ 16 күн бұрын

@@margaretpepper3550 No, because that will give an uncompetitive advantage to said supermarket.

@joegibbs448 16 күн бұрын

Hasn`t this being tried already ?

@skasteve6528 15 күн бұрын

This would suck even more money out of town centres.

@richardwatkins6725 16 күн бұрын

I hope so, with the nightmare of people being hacked and scammed and all you can do it ring someone. Then people who just need support or advice.

@cliffward2400 16 күн бұрын

This work could be covered by The Post Office. Previously they worked closely with The Bank of Ireland and trained staff on Mortgages, Loans and Credit Cards. It should be possible to use the same infrastructure to deliver this whilst at the same time helping to restore confidence in both the banks and the Post Office

@skasteve6528 15 күн бұрын

Well when the next banking crisis occurs. Let the ones most underwater fail. Then using a sovereign wealth fund, buy up it's assets for a tiny amount of money. Then you'd have a publicly owned bank. Also works for rail, electricity, gas, water companies. The advantage of the sovereign wealth fund, is that future governments couldn't privatise them again. I'd institute separate wealth funds for England, Scotland & Wales to save any arguments if any of those countries achieve independence and a separate one for the Islands formerly known as the Kingdom of the Isles.

@drt1605 16 күн бұрын

And thus Girobank is resurrected!

@drt1605 16 күн бұрын

@Chat__Richard-JMurphy thanks! I hoped someone would be old enough to remember a time when we actually did banking right 👍

@RobinHarris-nf4yv 16 күн бұрын

Germany has a very different banking system

@Minimmalmythicist 16 күн бұрын

We used to as well, we used to have a lot more building societies but lots of them decided to "demutualise". The British economy is way too over-financialised.

@vgstb 16 күн бұрын

With good reason, small businesses rely on a competent small bank nearby to support their growth. Small businesses are the real motor of the economy.

@alicequayle4625 13 күн бұрын

@@Minimmalmythicistnot so much 'decided to'. From what I remember Thatcher and co changed the rules in the late 80s to let building societies demutualise. Then there were predatory / opportunistic members joined and demanded they demutuallise so members got a payout. You and Yours were big fans.

@sublime4029 12 күн бұрын

There needs to a city bank administered exclusively within the city limits that operates within a national public network.

@jamesbarbour8400 14 күн бұрын

If the Labour Government enforce Banks to have a branch in every town, we'll be the ones paying for it - free banking will become a thing of the past ! Surprised that people haven't worked this out yet !

@lukemclellan2141 15 күн бұрын

Once money is deposited in a bank, it is property of the bank, no?

@Barbarossa_67 10 күн бұрын

Many people have already said it - the Post Office (renationalised) should offer banking services. Including impartial financial advice, even mortgages. That is how La Poste works in France, was where the Post Office was heading 15 years ago.

@michaelmcnally2331 16 күн бұрын

Banking hub have been set up in the town I live, Yet to use it but when had to travel over to next town to access bank to find out that was closing quite a few people people there saying about it. Apparently standard footfall was 37 people per week using the branch. A hub where several banks represented would mean that footfall should allow the branch to be sustainable whereas individual bank probably not now.

@prodlowd 16 күн бұрын

Our local Post Office has turned into a post-office/Subway/milkshake combo, while the Barclays has shut down and moved into the cafe opposite

@MatthewKanwisher 16 күн бұрын

You said no cost ideas, sounds quite expensive to open these locations in places that aren’t clearly large enough for a bank or a post office

@nickclarke2599 10 күн бұрын

Wholeheartedly agree

@SkyEcho7 16 күн бұрын

Yep & we could do with a similar arrangement for utility providers too - So sick of waiting hours on a phone to speak to someone who hasn't got a clue

@bingpz 14 күн бұрын

just get kids to open online bank acounts at school. This idea might seem good now but will be obsolete soon.

@sirgaymeerkat1994 15 күн бұрын

you've need more than one member of staff! but that is a brilliant idea!

@mynameisnobody5295 16 күн бұрын

There was a time when Banks wanted to charge a fee for people the Link that connects banks withdrawal of cash. Now there are a number of places that will not take using cards if its under £10. Some businesses will set a minimum transaction limit for a variety of reasons. Occasionally, it will be in the name of encouraging the customer to make a bigger purchase, resulting in higher earnings.

@davideyres955 15 күн бұрын

And what will they give the banks for this? If you think the government is in charge think again. Why do you think they want to build a ton of houses? Banks make money from mortgages.

@iainb1577 14 күн бұрын

A great idea.

@timcooke2656 15 күн бұрын

Hear hear!

@anllpp 9 күн бұрын

At what cost. We all know business rules

@27july1954 16 күн бұрын

That's an interesting idea, and I am sure that most people would welcome it with open arms. It is the reason we changed our Bank, so we could go and talk to a human being if we needed. This country town has seen the closure of numerous Bank branches over the last decade. I don't think this will run if it is up to the Banks. They will not want to do it except in the more lucrative areas, that is more humans per unit area. It is the dynamic that has forced so many useful services out of rural areas. Perhaps it could be a 'State Branch' facility? As with the Post Offices, they can do some Banking services for people with other Banks. But a State Branch would specifically deal with Banking. Again, I can't see Banks changing unless forced to by Regulation, and I am not opposed to that in principle. But maybe we could levy a charge on Banks who have decided to close their Branches which would pay for a State Branch. The cost wouldn't be a burden on any individual Bank but spread across the sector. Ideally we want to see a return to there being local services with humans.

@dennismccarthy7032 16 күн бұрын

❤

@Lilrom2003 15 күн бұрын

Bank branches cannot do anything that cannot be done online, you want a help for the computer less literate, maybe a role for volunteers in what used to be libraries

@paulgibbons2320 16 күн бұрын

Can't mandate that unfortunately. Banks will all be on line. Call center in Africa or India if you have a problem. Not saying I like it. But that won't stop them.

@abody499 16 күн бұрын

so in actual fact with software and human know how, we can run banking and post office services collectively very cheaply in comparison to private companies. remember we do this because it is something society needs. digital infrastructure can be combined with a presence in high streets to help people get their chores done. remote workers run the infrastructure. some central office work should be required. cheap, not for profit, for need. next issue.

@charliemoore2551 16 күн бұрын

Yes. But banks shouldn't be run as businesses anyway. They are administrative facilities which we all need and should not be subject to market forces or the profit motive.

@cianog 15 күн бұрын

Online banking works.

@garyb455 16 күн бұрын

The taxes on the High Streets are the highest in Europe that's why they are a tip

@adenwellsmith6908 16 күн бұрын

Correct. It's caused by government

@RobinHarris-nf4yv 16 күн бұрын

Retail parks is the big problem

@adenwellsmith6908 16 күн бұрын

@@RobinHarris-nf4yv Rates. Taxes. Parking

@BoredomIncarnate1 16 күн бұрын

Isn't it more corporate greed? The banks were and still are making absurd profits, they could easily afford to keep them open. They closed lots of branches to make slightly more on their absurd profits while shafting their customers.

@markwelch3564 16 күн бұрын

Commercial rents are a big barrier to high street business too

@chrislambert9435 14 күн бұрын

More Subsidies ?

@VinoVeritas_ 16 күн бұрын

I disagree with you on this one. We need to have Citizens Advice Bureaus in all areas which are funded by banks in the main and government partially. These could act as hubs for financial advice (better for consumers) and all other types of advice required.

@vgstb 16 күн бұрын

If you understand basic monetary operations, then you would understand that having a bank in ever town is in fact essential to economic growth.

@VinoVeritas_ 16 күн бұрын

@@vgstb No it's not. There's nothing that a bank provides that can't be offered over the phone, online or at a post office.

@RobinHarris-nf4yv 16 күн бұрын

@@vgstb is it? Most people do banking online

@user-io5tv1rv4v 16 күн бұрын

@@VinoVeritas_ except face to face contact.....how much do YOU pay for phone and internet to do their job for them ?

@user-io5tv1rv4v 16 күн бұрын

@@RobinHarris-nf4yv this is why it is very difficult to get any kind of service from banks nowadays...they employ less and less PEOPLE

@td6460 15 күн бұрын

This is the kind of nonsense you'd expect from Labour, so par for the course.

@JohnnyBouchier 16 күн бұрын

If banks opened more branches, where would the additional cost burden fall? The customers.

@dooley-ch 16 күн бұрын

It's wonderful the ideas you can come up with when you do have any responsibility! The reality is that banking and insurance have become commodity businesses with very poor margins hence the need to rationalise the systems. So what it really comes down to is how much is every banking client or taxpayer willing to pay monthly for a service needed by the few? Given the number of people demanding free banking I'm guessing very few.

@Leonidthemighty 15 күн бұрын

Define town, define bank, which bank should be forced to have a branch in each. Labour cannot decide what a woman is, can they define what a bank is I wonder and tell global corporations where they must operate? Don’t be daft. A genuinely good idea though Richard but it won’t happen of course. Few use banks as well.

@JulianWard-Davies-cd8kh 16 күн бұрын

Lucy Letby.

@akht5143 16 күн бұрын

Bank of England is a private bank

@kubhlaikhan2015 16 күн бұрын

Stupidest idea ever. Government doesn't have the right or the power to tell banks what to do and building a bank isn't as simple as chucking up an "affordable homes" quality prefab building. Obviously the sensible solution is to further empower POST OFFICES to process bank business - which they already do to some degree. Supporting our Post Offices is far more affordable and makes sense for a whole host of other good reasons. If Starmer wants a bank in every town - then create a new publicly owned bank - but why bother when we already have a Post Office?

@davidmcculloch8490 16 күн бұрын

What utter Twaddle. "Building a bank?" Really! Have you missed the number of empty bank buildings? There is such a thing as community and it adds to the quality of life. Our very survival as a species has depended on it.

@kubhlaikhan2015 16 күн бұрын

@@davidmcculloch8490 There are NO empty bank buildings in my town - nor are there any empty bank buildings in the next nearest town. Even where such buildings survive they belong to someone - they are wine bars, restaurants, offices. Are you going to compulsory purchase bank buildings from thousands of new owners? Talk sense - they are not going to do that. The only way you are going to get banks in every town is if they are not allowed to deal in CASH.

@zetectic7968 16 күн бұрын

What a fool. Of course government have the right; it called financial regulation. Somehow you forget that all the banks were bailed out by government during the financial crisis (except Barclays that took a dodgy loan from Qatar). If they expect help from the taxpayer to fix their bad decisions then the quid pro quo is to provide the services the public needs. PS you have also forgotten the Post Office scandal/public enquiry.

@kubhlaikhan2015 16 күн бұрын

@@zetectic7968 "Financial regulation" my ass. Starmer is not going to take on the banking system that paid his way to power. You can't "regulate" a proper bank into existence in a small town especially at a time when more and more people have their accounts with online banks with no material overheads. These people are talking out their ass. The fact that the post office service has been badly treated from the top has nothing to do with the valuable services they provide to he public - which are far more deserving of protection. So its common sense to combine the two and simply strengthen the post office and keep it publicly owned.

@adenwellsmith6908 16 күн бұрын

Nah. With a CBDC no need for banks. Complete control over all money, all spending. ID cards. Social credit score. ie. Vote for Reform, you lose all your money.

@RobinHarris-nf4yv 16 күн бұрын

Conspiracy nonsense Most European countries have ID cards with no problems