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Thursday, April 09, 2020

Bank of England Steps Up To The Plate - High Street Banks Take it on the Chin or be Forced to Take it Somewhere Else!

The Bank of England has stepped up to the plate, and the government is set to borrow billions of pounds from its emergency Bank of England overdraft to finance the fight against Covid-19.

The government will draw money from the Bank's "ways and means" facility to help workers and businesses.

It has not used the facility since the financial crisis in 2008.

The ways and means facility will give the government a temporary cash buffer as it seeks to raise unprecedented amounts to deal with the coronavirus outbreak.

Now given that the Bank of England is doing its bit, it is high time that the high street banks did their bit for individuals and businesses in need of cash during this time.

This will of course mean that their directors probably won't be able to afford to award themselves bonuses etc, as the bottom line will inevitably take a hit ie the banks will have to take it on the chin. However, let us remember that the taxpayer bailed these banks out in 2008 to the tune of billions (and they have done pretty well since).

Therefore my advise to the high street banks is simple:

Voluntarily take it on the chin, or be forced to take it somewhere else!

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