Retail and finance – two drunks staggering from crisis to crisis

Britain's financial sector doesn't need high-street shops becoming banks. It needs entrepreneurs to shake up the industry, says Matthew Lynn. But that's just what it won't get.

Like London buses, you can wait forever for a major retail brand to attempt to resuscitate the UK's moribund finance industry and then two come along at once. Last month, M&S launched a current account. This month, Tesco introduced a range of mortgages.

But the last thing the finance industry needs is more big companies offering overpriced, poor-quality products. Instead, we need genuine entrepreneurs to give the industry the shake-up it so desperately needs.

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Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.