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They weren't. This was never an option for banking, it is heavily protected almost everywhere (even within the Single Market). The issue is that the UK is a ve
by hogFeast 7y ago
They weren't. This was never an option for banking, it is heavily protected almost everywhere (even within the Single Market).
The issue is that the UK is a very hard market: infinite competition from startups that are well-capitalised, and huge mega-banks that invest heavily in technology and run at low cost. For example, Lloyds has £400bn in retail deposits and cost/income of ~50%...German/French banks run closer to ~75-80%. We have some laggards (RBS) but generally, it is very tough (as are the Nordics).