Banks Need A Clear Year In 2014

Posted on: 12/12/2013

I have made the point many times recently that the UK needs a strong, healthy banking sector to play a full role in the growth of our economy.

Clearly, mistakes have been made at a senior level in several UK banks.Such mistakes took one or two of the banks to the edge of ruin,whilst at the same time rocking the foundations of the entire economy.

It is doubtful if banks have ever been really popular.What is certain,however, is that the reputation of the UK banking industry has slumped to an all-time low in the last decade.

I really feel very sorry for the tens of thousands of decent,honest,hard-working men and women who have given unblemished service to UK banks but who now sometimes feel ashamed to admit they work in the industry.They do not deserve to suffer in this way.

A major issue now is that our banks have become the "whipping boys" of our blame culture.Nothing they do is judged by critics to be right and they have faced massive compensation claims,some of which are,to my mind at least,really quite fanciful.In the current climate of  almost total negativity towards banks,it is very difficult to fail with any claim.

We need to see an end to the war on banks.In many cases, it is now new directors and senior management running our banks.They need to be given the opportunity to take those banks forward to a positive future.

Banking is a vital part of the UK economy.It is therefore important to all of us,not just those who work directly in the industry.

I am looking for a 2014 during which we put the blame culture behind us as far as banks are concerned.We need to forget about compensation claims and allow our bankers to focus on responsible lending to the individuals and businesses that will bring real growth to the UK economy and new employment opportunities for those who are keen to work and personally progress.

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