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'Big Five' Banks Costing UK Economy £1billion Each Year in 'Wasted' Cash

On the day banks and politicians come together to discuss the future of the UK’s banking system, the ‘big five’ are being accused of wasting a billion pounds from Britain’s economy every year.
Finance - 17 October 2012   Download IconContent available for download:  
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  News Hooks:

As it’s revealed that small British businesses are spending £2.3 billion each year on admin fees alone, today we find that the UK economy has been wasting £1bn each year by banking with ‘the big five.’

With nine out of every ten UK SMEs using these banks for convenience reasons, not because of their services (10%) – experts say this has increased demand for other options.

This has prompted the launch of a non-governmental, financial body which claims they’ve created a revolutionary new system that aims to ‘recycle’ this £1bn waste back into our economy.

So with over a third of SMEs backing this new ‘innovative’ system already what is the answer to stop such massive money wastage and when competing with such major players, will anyone really listen?

. Introduction:

As small British businesses spend £2.3 billion a year on admin fees alone by banking with the big five, today a new system’s being launched which claims it will be able to save £1billion of this money.

So with claims that it will reduce fees by ‘consolidation,’ offering an alternative to these major players– is it really possible to replace this wasted money simply by ‘recycling’ it?

Joining us to discuss the launch of this new system further is Nick Ogden, an entrepreneur who helped launch the first-ever online shop and was credited with creating what we now call ‘e-commerce.’