The Financial and Banking System
In short NONPOL will declare regulatory war on the banks and stop them from holding the government and the public to ransom. Currently the public pay extortionate interest rates on loans and credit cards. On top of this there are loan companies and loan sharks charging interest rates in 5 figures. This will be criminalized with a law that no interest rate can exceed 1005 APR. Furthermore, banks will not be able to charge more than 10 times the base rate. To put pressure on the banking system NON POL will not sell back the 62% shares holding in RBS and nationalize the bank and rebrand it as the UK National Bank. Anyone with a UK National Insurance number can have an account with this bank. This bank will provide a very cheap credit cards and low interest rate loans and mortgages, so that it would take the competition away from the cartel of the high street banks. Also, everyone on benefit would have to have an account with the UK National Bank as we will only pay their benefits into such an account. Branches would be open 24/7 365 to support our keep objective of a 24/7 economy policy and also to support our goal of zero unemployment.
Furthermore, banks will have to hold a 50% liquidly ratio. They will have 5 years toachieve this or lose their license. Bank owners and shareholders will be held responsible for debts of the bank and banks would no longer have assurances from the Government. Bad banks will go bust and good banks will get better. We would also consider having two rates of interest, one for savings and one for debt. This would be managed through the UK National Bank, which would be a not-for-profit organization and would be able to offset savings against debt.
The banking regulation will be rationalized andsimplified and all fines from banks will go into a fund that support customers where banks go bust. NONPOL will setup a banking commission to identify risks in the industry and how to deliver our objectives and their impact on the economy. The commission would reinvent the banking system in the UK to make it best of breed. As with everything NONPOL we are technology driven and banks will be encouraged to accept Bitcoin as a currency from its customers and use biometrics for authentication to funds to stop fraud.