Funding the Future We can’t bank on Britain
Oct 27, 2025
Explore the myth of competition in UK banking, where just six giants dominate the market, leading to high fees and low interest rates. Discover how banks exploit customers and close branches, making access to services harder. Richard Murphy advocates for viewing banking as a public utility, proposing a state-owned Basic British Bank to ensure fairness and local support. Learn about the need for a resilient public payment infrastructure and how nationalization can restore trust and accountability in a vital service.
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Banking Is A Public Utility
- Richard Murphy argues that banking is a public utility, not a normal market subject to pure competition.
- Private profit-seeking inevitably exploits necessity, producing high fees and low returns for customers.
Illusion Of Choice Among Big Banks
- Six major banks dominate the UK market, creating an illusion of choice despite similar services.
- This cartelised structure allows banks to charge consistent high fees and abandon communities.
Establish A State-Owned Basic Bank
- Create a state-owned Basic British Bank (BBB) to offer fair current and savings accounts to everyone.
- Operate through local branches or post office partnerships to restore access and local service.