Opening a letter from Santander recently, for a moment I get a sense of the kind of popular outrage directed against London and its financial industry – even though the latter benefits me more than most.
My local bank branch, it seems, is closing.
I am subject to one of about 140 UK branch closures, about a fifth of the network, that Santander announced in January.
I picture the kind of boarded-up shopfront that is becoming all too familiar in the British high street. It’s a sad sight that will become more normal, I reflect, as the UK’s toxic political environment weighs more heavily on the economy and business investment: even if we avoid a disastrous no-deal Brexit.
The rage soon switches back to our politicians.
The next news I see is that shares are plummeting in Metro Bank. This is the challenger whose strategy is supposed to be a rare source of hope for those who want branches to remain a cornerstone of banks’ consumer businesses.
Metro’s sell-off is down to an accounting error over risks in its loan book, but also because of stubbornly low interest margins: made worse by a mortgage market now suffering from Brexit.
