New High Street Bank

It has been announced that Lord Levene of Portsoken, the chairman of Lloyd’s, and another big player in the world of finance, Sir David Walker, are planning to set up a new high street bank.

The new bank,  known as “Project New Bank”, will operate on the basis of traditional lines. Its major focus will be on personal and household  finance, as well as small business support. The customers will be offered accounts, mortgages, unsecured personal loans, etc.

Since it will be the first new high street bank launched after the banking crisis, it is not going to deal with investment banking. The partners are planning to get hold of the bank branches and accounts of Lloyds and Northern Rock that will be sold off as part of the conditions agreed to for the state bail-out of these two banks.

Since the government wants at least £1.5 billion for Northern Rock’s seventy-six branches and £4 billion for the six hundred Lloyds branches, Lord Levene of Portsoken and Sir David Walker will have to raise enough money.

The new bank will be open to customers seven days a week and won’t have “stupid bank rules”.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.