Published: 11th May 2012

Nick Harriss sets out the case for a new breed of financial institution – one that’s inclusive, locally owned and more tuned in to the needs of small business The UK economy has suffered its worse downturn since the Great Depression and there appears to be little light at the end of the tunnel. The government has implemented a policy of austerity to avoid the difficulties faced by the likes of Greece and Ireland, while the US government, facing a similarly difficult economic environment has followed a policy of major fiscal and monetary stimulus; neither policy has proved successful in kick-starting recovery. The reality is that the damage inflicted upon the financial system has created a millstone around the neck of economic recovery, and those areas and people with the most existing difficulties are being hit the hardest. With the variety of macroeconomic measures failing to work, it is time … (To read the full article, subscribe below)