@PeterBoneUK (with whom I usually don’t agree) raised a crucial question about the UK banking sector at #PMQs. Asking when they will start acting in the interests of the British public. (Short thread)

2/ As banks plan to raise interest rates from 20% to 40% in July, the question of legitimacy must be raised. The financial sector is grossly disproportionate to the size of the real economy, they are no longer (and haven’t for decades)providing the services that the sector should

3/ Moreover, as Bone angrily pointed out, those are the same banks that tax payers money bailed out only 10 years ago.

4/ My only hope is that the coronavirus’ negative economic impact fundamentally outlines the structural failings of the heavily financialised economies - in some way. We cannot continue in a system where we “privatise gains and socialise losses” (Gamble, 2014)

5/ To anyone who actually reads this thread, I point you to @nickshaxson, and his book The Financial Curse, which explores the negative economic impact of a disproportionately large financial sector.