Low banking costs in the UK
by Kay Murchie
According to the British Bankers Association’s annual report, banking services in the UK are cheaper than those in any other developed country. The British Bankers Association commissioned the independent economic consultancy, Oxera, to study 11 countries and research found that banking costs in the UK are lower than those of their overseas equivalent. In addition, UK customers have access to better facilities including credit cards, overdrafts and loans.
The study also discovered that UK banks provide customers with good levels of simplicity in the terms and conditions of services provided. A spokesperson for the British Bankers Association commented that productivity in banks and financial services in the UK are among the highest in the economy with the sector contributing approximately £50 billion, as well as creating jobs for 4 million people.
In addition, the BBA remarked that the actions of banks in financial markets have formed a trading excess which goes a long way to offset the shortfall in other sections of the economy.
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