Skip to main content
A new public banking ecosystem
Acting CWU regional secretary in Scotland CRAIG ANDERSON explains the need for change to our privately dominated banking system

BRITAIN has one of the largest, least diverse, most complex and interconnected financial systems of the advanced economies.

In contrast to many other countries, the banking sector in Britain is dominated by a handful of large, shareholder-owned universal banks, whose main aim is to maximise shareholder return.

Britain is also unusual in that it lacks a significant local or regional banking presence — the market is overwhelmingly dominated by national and often internationally orientated banks.

These features contribute towards a number of social and economic problems.

Take out shares in the People's Press
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
More from this author
JUST POMP AND CIRCUMSTANCE? Inauguration of Scottish Labour
Features / 22 February 2025
22 February 2025
The Scottish Labour conference this weekend will be the last call to save the party from electoral ignominy in 2026, argues CRAIG ANDERSON
Features / 17 February 2024
17 February 2024
The fight to protect the very principles of the USO goes beyond postal workers alone, argues CRAIG ANDERSON
FIGHT FOR THE ALTERNATIVE: CWU members outside the Scottish
Features / 16 February 2023
16 February 2023
An alternative economic model run by and for local communities has already gained a foothold in some areas of Scotland — now we need the Community Wealth Building project to spread, writes CRAIG ANDERSON
Nicola Sturgeon during a visit to Loanhead, Midlothian, whil
VOICES OF SCOTLAND / 13 June 2022
13 June 2022
Proclamations of Scotland being the first country to adopt community wealth-building are extremely premature. CRAIG ANDERSON of CWU Scotland explains
Similar stories
MONEY TALKS: A general view of City workers on Bank Street a
Full Marx / 6 April 2025
6 April 2025
Labour’s fiscal policy is already in trouble. But simply printing money is not a solution, says the Marx Memorial Library and Workers School
DWP chief Liz Kendall
Features / 9 February 2025
9 February 2025
DR DYLAN MURPHY challenges the idea that social security places an economic burden on the public
Climate campaigners from Extinction Rebellion Scotland prote
Features / 6 October 2024
6 October 2024
Insurers and regulators now openly ignore the ecological crisis as they continue to support contributors to climate breakdown, and British law is on their side — that’s why XR will be targeting them again, writes TOM HARDY
A TSB bank on Cheapside, London, September 30, 2020
Britain / 8 May 2024
8 May 2024