Here we go again. The consortium that has just bought 314 branches from the Royal Bank of Scotland is pledging to launch an “ethical” bank. Now, where have we heard that before?
Of course, it was Co-op. The one that claimed its mutual ownership was more righteous than those banks with nasty shareholders and which said it would not get into the sort of mess that brought down the big banks. Well, not until it did get into the same sort of mess, which cast doubt over its entire banking operations.