Banks are a law unto themselves – you know it, I know it, they know it. We have been reminded of this in the last few days as newly formed small businesses have struggled to find a bank that will allow them to open a new business account.
It is a disgraceful state of affairs. It just couldn’t come at a worse time as many people are worrying about job security and looking to see if they can strike out alone.
According to Coutts (yes, ironically a bank), one in six adults are looking to work for themselves. Yet the banks are washing their hands of them – even those such as Metro that have made a big song and dance out of being a friend of the small business community.