April 30: HSBC will be no great loss to the UK economy

SO what if the bank HSBC does move its headquarters elsewhere (The Yorkshire Post, April 25). Most of its business is in the Asian market anyway. But, in truth, I doubt it’s because of the more than fair taxation imposed by the UK but probably because our country has stricter monetary laws and they are embarrassed at being caught out in their dubious practices and would like to retreat to a less governed market place – so quite frankly they are no great loss whatsoever.

In bygone years all banks were respected institutions, but then in the late 1980s profiteering infiltrated their policies combined with the need to fulfil their greedy shareholders’ expectations and this totally altered their outlook – and much to the detriment of the rest of us.

In fact all the banks should be thoroughly ashamed of themselves because in the UK it appears the taxpayer is obligated to be on hand to bail them out if they get themselves into difficulties. However, far from being grateful these great money-making giants merely offer utterly paltry interest rates to those of us who do actually manage to save and invest with them – a classic case of like it or lump it. The fact it is our money that gives them their huge profits seems to have been forgotten.