The wages of British workers fell more in real terms during the economic downturn than ever previously recorded. Ever! The finding, by the Institute for Fiscal Studies, could help explain why unemployment has not risen more sharply. (The Week. 15 June 13)
Meanwhile, with fewer competitors, the banks are making huge profits once more, but failing to lend to those who need loans. There is no moderation among the ranks of the greedy bankers. These are the most un-Epicurean of groups. A well-run country would have shamed them by now, but it seems they have no shame. Allowing them to get away with it loosens the bonds of public trust and feelings of natural patriotism. That is not good.
Talking to some in the banking industry I realise how isolated they are from the “common man”. They drink together at lunch time and socialize together at the weekends and are baffled at the hostility of the public. They are a modern tribe we have allowed to be created.