Banks batter Brick Lane

Today, Lloyds announced that another 2,100 jobs would be slashed. Another source forecasts that the City of London would continue cutting – the financial sector will lose at least 13,000 this quarter. Looks like 70,000 jobs will go this year from financial services.
At street level, the City still looks plush – Bishopsgate/Spitalfields still buzzing or so it seems.
Suited execs still cross Commercial Street and enter Brick Lane, though in ever decreasing numbers. The waiters and owners of Banglatown restaurants have noted the drop in sales over the last eighteen months.
Their faces show no sign of witnessing any ‘green shoots’ providing more covers and customers.
This is how trickle down economics works (or doesn’t). Next door to the two great financial centres on this planet, very little wealth crosses over.
Still, in the good times, some Bengali owners could rent out flats to City workers and others swap curry for money – it’s still happening but getting tougher by the day.
The Bankers (or more precisely the top execs) are cutting jobs and those remaining eating less in Brick Lane.
To top it all, the supposedly nationalised banks are not lending to small businesses.
They are eating up our money but rationing out loans.
Small businesses are suffering from a drought of ‘working capital’.
While the New Labour government, ever so keen on voters, is intent on banks lending to consumers (voters), we hear nothing about banks looking after their small business customers.
Where are the jobs going to come from if local, small businesses are not given a lifeline?
Size does matter…. Big Banks…. Big Auto companies…… Too Big to fail companies….. they get the ear of Lord Mandy and Mr. Darling… small businesses need not apply….

Farid Bakht