During the last six years we’ve seen quite clearly the impact of big finance on local communities. We’ve learnt what happens when the distance between people and finance gets so large that neither side understands the other any longer. When banks focus their attention on shareholder profits rather than the health of people and places.
In December 2013, seven of the main high street lenders took a landmark step towards greater transparency in how they serve local economies. The participating lenders, Barclays, Lloyds, HSBC, RBS, Santander, Clydesdale & Yorkshire and Nationwide, released data on personal loans, residential mortgages and loans to small and medium enterprises (SMEs) at a postcode sector level. Participating banks will release this data quarterly for lending in the previous six months. The second tranche of data is due for release in April.