HOW CAN THE UK BANKING SECTOR DO MORE TO HELP BUSINESSES NAVIGATE THESE TOUGH TIMES?
As the UK appears to enter the peak period in its battle against the Covid-19 pandemic, the British public remains optimistic that better days do lie ahead. The effect of social restrictions appear to be reflected in the gradually improving daily statistics, and many onlookers are optimistic about the possibility that isolation measures may be eased before the end of Summer.
However, there can be no denying that the impact of the outbreak on British businesses and the wider economy will be long-term and painful, with many CEOs and investors already predicting a global economic recession much worse than 2008.
This crisis, though, must be viewed under a different lens to the previous global recession, which was characterised by a banking ‘casino culture’, whereby financial institutions used loans and derivatives to their own benefit, collecting the profits and landing taxpayers with the bill.
Even today, many consumers worldwide do not trust the banking sector as a result of its actions in the mid-2000s. There is also still a lapse of trust between businesses and banks, with many organisations still feeling that financial services firms do not always have their best interests at heart.
An article by businessleader.co.uk