Banks, vital?

Just a few numbers

Finance sector employs 1m people, add to that hangers on you get maybe 1.5m. 80% work in retail high street banks (a service industry).

Manufacturing employs 2m people (productive industry)

Tax paid by finance sector (2002-9) was £193bn, but manufacturing paid £378bn

IMF says tax payers paid £289bn to prop up banks since 2008. Add in government underwriting and loans and you get £1.19tn

In 2007 40% of bank and BS lending was on property, 25% went to financial intermediaries. So 65% of lending went to pumping up the bubble

The City now pays more than 50% of Conservative party funds, up from 25% only 5 years ago.

So there we have it, dysfunctional capitalism.

And does anyone think we need less control of the banks?

If they will not redirect their activities to productive investment then they must be forced to do so, or pay the piper a Tobin Tax.