The destruction of the British building society movement – or much of it – in the two decades after the late 1980s ... was one of the great acts of economic vandalism in modern times. And the commercial banks largely abandoned locally based relationship banking in the decade before the recent financial crisis. There is now no institutional structure in place to offer countercyclical lending, particularly small and medium sized businesses, in place of the banks. (Vince Cable)

The destruction of the British building society movement – or much of it – in the two decades after the late 1980s ... was one of the great acts of economic vandalism in modern times. And the commercial banks largely abandoned locally based relationship banking in the decade before the recent financial crisis. There is now no institutional structure in place to offer countercyclical lending, particularly small and medium sized businesses, in place of the banks.

Vince Cable

Related topics

banking based british building commercial crisis decade destruction great late lending medium modern movement now offer place recent relationship small society structure times vandalism 1980s acts banks

Related quotes

The worst thing that will probably happen-in fact is already well underway-is not energy depletion, economic collapse, conventional war, or the expansion of totalitarian governments. As terrible as these catastrophes would be for us, they can be repaired in a few generations. The one process now going on that will take millions of years to correct is loss of genetic and species diversity by the destruction of natural habitats. This is the folly our descendants are least likely to forgive us.
E. O. Wilson
I have just accepted the invitation of Her Majesty The Queen to form a Government. This will be a new Government with new priorities and I have been privileged to have been granted the great opportunity to serve my country and at all times I will be strong in purpose, steadfast in will, resolute in action in the service of what matters to the British people, meeting the concerns and aspirations of our whole country.
Gordon Brown
The heroes in paganism correspond exactly to the saints in popery, and holy dervises in MAHOMETANISM. The place of, HERCULES, THESEUS, HECTOR, ROMULUS, is now supplied by DOMINIC, FRANCIS, ANTHONY, and BENEDICT. Instead of the destruction of monsters, the subduing of tyrants, the defence of our native country; whippings and fastings, cowardice and humility, abject submission and slavish obedience, are become the means of obtaining celestial honours among mankind.
David Hume
At the moment our human world is based on the suffering and destruction of millions of non-humans. To perceive this and to do something to change it in personal and public ways is to undergo a change of perception akin to a religious conversion. Nothing can ever be seen in quite the same way again because once you have admitted the terror and pain of other species you will, unless you resist conversion, be always aware of the endless permutations of suffering that support our society.
Arthur Conan Doyle
For the first time since I began acting, I feel that I've found my place in the world, that there's something out of my own culture which i can express and perhaps help others preserve.. i have found out now that the African natives had a definite culture a long way beyond the culture of the Stone age...an integrated thing, which is still unspoiled by western influences...I think the Americans will be amazed to find how many of the modern dance steps are relics of African heritage.
Paul Robeson