Thursday, 10 July 2014

Dozens of new banks being set up as challengers force their way in

As the High Street Banks fade from the High Street, with some behaving shamefully as bully banks, I am delighted that new entrants are springing up. I am backing Atom Bank in the North East but we are also working really hard to support the existing Northumberland Credit Union and to expand community banking in Tynedale. In addition true Co-Operatives are still rightly supported in our communities and I do not believe that the disastrious exploits of Paul Flowers is stopping people committing to local community cooperatives and lending by local institutions not multinationals based hundreds of miles away where always the computer says no.

I recorded a piece for the BBC Look North yesterday on this issue and the papers are telling the story of the many new national and local banks springing up all over the country: