From Chris Ford
McGregor Cambell’s interesting article on citizen banking exposed some horrors of the US banking system and pitfalls of P2P lending (10 December, p 38). I was puzzled that he did not mention mutualised building societies, which have existed in the UK for more than a century.
They provide relative security and exist for the benefit of just savers and borrowers, not shareholders. Is this something else, along with the National ÎçÒ¹¸£Àû1000¼¯ºÏ Service, that Americans could do well to copy from us?
Walsall, West Midlands, UK
