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>As a regulator and central bank, the Bank of England has not offered consumer banking services for many years Wikipedia says this, but not why.
by tobylane 8y ago
>As a regulator and central bank, the Bank of England has not offered consumer banking services for many years
Wikipedia says this, but not why.
- YawningAngel 8y agoBecause it's a pain to do and not in their remit, essentially. They still offer business banking services. My employer, Monzo, has a business account with them.
- pas 8y agoIt would place the central bank into an even more biased role. And offering one retail service is very costly, especially when there's no way to amortize that cost over many services.
- tyre 8y agoMatt Levine at Bloomberg had a great writeup on this recently. (His “Money stuff” newsletter is fantastic.) Basically: if you were to start from scratch today and build a banking system, you probably wouldn’t build exactly the one we have. On the other hand, given that we do have this one, it may be worse to pull the rug out from existing banks by providing a Fed alternative.