Reforms to make banking competition work for consumers have reached an impasse. Do nothing and we can expect nothing to result, but even with Project Merlin – which was established by the four major UK banks (HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group) and hopes to improve stability and competition between banks – lending fell for Britain’s top banks in every quarter a year after its implementation.
We live in turbulent times. Post financial crash, we have had a prolonged depression and live through a seemingly endless period of austerity. In local government there are unprecedented cuts to local services. Coupled to welfare reform, we have growing social need and rising demand. Local authorities are under the cosh, pedalling hard with an ever diminishing and denuding set of local services. For those of us who believe in local government, these are cursed times.