Robert Tyler argues that newly-resurgent local banking offers a route to renewed prosperity without the hand of the State
I found this on Youtube:
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A rather nice little advert, that came up before one of my videos: from TSB, a bank that was once independent, until its merger to create Lloyds TSB,and is now on its own again. I thought the advert was quite good, as it seems to be tackling the biggest issue that all banks face at the moment, namely the Left’s “Banker Bashing”.
And it seems to be trying to reassure people that there is still such a thing as honest banking, and to show how, back during the Industrial Revolution, bankers actually helped drive our economy forwards by offering honest loans that they knew they would get returns on.
It also rather subtly points to the fact that the free market was what built modern Britain. Not the State!
In fact in another video:
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The CEO explained how the rebirth of TSB is going to reintroduce a sense of competition in the market, as well as offering local communities real investment.
I believe that this could be the move that will save the reputation of the banks and, more importantly, offer the boost in the North of England and beyond that Government has been trying to artificially induce through flawed infrastructure projects like HS2.
And I again point to the fact that back during the Industrial Revolution, when the North was the powerhouse of the country in terms of real economic and industrial production, it was local banking that funded it. And in turn infrastructure was built by those fledgling industries that had received funding from the local banks.
Another important point to make is the possibility that this could lead to more local banks being set up. More local banks mean more local investment. More local investment means less need for taxes. Less tax leaves more disposable income. And of course more disposable income means more money to spend on luxury goods, which of course in turn leads to mass prosperity. And all of this could be achieved without the Government. Surely that’s enough of an argument to ask for more local banks, is it not?