Our Continuing Coverage – More On BRICKED Bank!

On By southwerkIn business ethics, Capitalism, ethics, Philosophy of Business

Cameron Hope organized the bricking and had this to say. –

‘We blocked the doorway as a way of saying that the banks are open but the safe is shut.

‘The banks are stifling the recovery from the recession by not lending businesses any money.

‘Savers are getting nothing, borrowers are getting nothing and the banks are doing whatever they like. Some of the banks are even owned by the taxpayer and still they won’t lend.

‘This protest is saying enough is enough and the Government needs to step in and make the banks lend.’

The Daily Mail’s Make the Banks Lend campaign, on behalf of small firms turned down for credit, argues that the banks have money to spare, thanks to enormous funds provided by the taxpayer.

Instead of lavishing this cash on bankers’ bonuses, banks should be lending it at affordable rates to small enterprises – the backbone of the economy. Small and medium concerns provide 57% of all private sector jobs.

It is clever protest that is getting headlines around the world. However, Barclays Bank was not the original target. The protesters were unable to brick up the offending bank. So they picked another bank conveniently located. Press reports indicate that Barclays has a good reputation for continuing to give out small business loans.

If you read this column, you know I’m no shill for the banks. The offending bank was actually “Natwest.” If you want to deny them business, please do, but Barclays did not deny this businessman and his friends a loan.

(One of my clever readers, M. Perry, adds a helpful comment. –
Nat West was the original target to be bricked up because of its location in the centre of Bournemouth. HOWEVER, HSBC was in fact the bank that refused the loan, jeopardising Mr Hope’s business.)

James Pilant

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