Britain needs a spread of regionally based, specialist banks
This is the system we had. Those regional banks then amalgamated into the national banks we now have, into Lloyds, Barclay\’s and the rest.
The dangers of regional banks can be seen in the difference between the US and Canadian experiences of the Great Depression. Thousands upon thousands of failures of regional banks in the US, as national banking was not allowed. No failures of banks in Canada where national banking was.
What Will really needs to tell us is why the banking system we had in the 1930s would be a good idea now in 2009?