Legal and General Investment Management's credit strategist Ben Bennett questions whether banks are necessary.
The government can provide an alternative, particularly in the form of deposit taking, but in this era of cost cutting they would be loath to spend money needed for the branch network required for a full service banking operation. Despite the near-nationalisation of a number of UK banks, the government is keen for the businesses to be run on a commercial basis, and is unlikely to go down the route of taking over banking operations. However, there are still certain activities traditionally associated with banks that may not need them in the future. From the perspective of a corporate b...
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