Fair play guys: account switching seems to have worked

Let's not get too comfortable though, writes Douglas Blakey.

After all the hype and the ads and the PR activity relating to account switching, fairs fair: the banks have got off to a decent start. The system works. Complaints about the seven day deadline not being met are few and far between.

More than 35,000 UK customers have started to switch their bank account in the past three weeks. Add to the mix positive stats from the comparison website Moneysupermarket.com – it has reported a 45 percent increase in the number of visitors to its site looking to switch their current account.

Among the winners: Nationwide reports a near 80 percent rise this month in new customers switching to the UK’s largest mutual. HSBC subsidiary First Direct says calls from potential switchers have doubled.

Metro Bank has also issued upbeat news about having to double the number of staff handling account switchers. Let us not however get carried away. Last year, 1.2 million current account customers or around 2.6 percent of the total 46 million accounts were switched.

So call it about 23,000 customers per week. For the full month since seven day account switching went live, it might be fair to estimate that account switchers have doubled year-on-year.

If sustained over the longer term that would mean that around 5 or 6 percent of current account customers will switch. A significant increase and one that makes the exercise worthwhile, albeit at a total industry wide cost of £750 million in IT expenses.

But way off some of the wilder and unrealistic predictions from the more excitable commentators that up to a quarter of us might switch our main bank account. Such guestimates were never realistic and are unlikely to come close to being realised.

Meantime, spare a thought for the beleagured souls at the UK arm of National Australia Bank: that is Clydesdale Bank and Yorkshire Bank to you and me. Clydesdale Bank somehow contrived to mess up mortgage calculations for 42,500 customers.

It was bad enough that it got its sums wrong a first time and copped a £9 million fine from the regulator for a blatant failure to treat its customers fairly. It has now somehow achieved a double whammy of appalling PR by paying out compensation twice to some of its customers. Not perhaps the best week to be a member of the account switching team at Clydesdale.

Photograph: Getty Images

Douglas Blakey is the editor of Retail Banker International

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No, Jeremy Corbyn did not refuse to condemn the IRA. Please stop saying he did

Guys, seriously.

Okay, I’ll bite. Someone’s gotta say it, so really might as well be me:

No, Jeremy Corbyn did not, this weekend, refuse to condemn the IRA. And no, his choice of words was not just “and all other forms of racism” all over again.

Can’t wait to read my mentions after this one.

Let’s take the two contentions there in order. The claim that Corbyn refused to condem the IRA relates to his appearance on Sky’s Sophy Ridge on Sunday programme yesterday. (For those who haven’t had the pleasure, it’s a weekly political programme, hosted by Sophy Ridge and broadcast on a Sunday. Don’t say I never teach you anything.)

Here’s how Sky’s website reported that interview:

 

The first paragraph of that story reads:

Labour leader Jeremy Corbyn has been criticised after he refused five times to directly condemn the IRA in an interview with Sky News.

The funny thing is, though, that the third paragraph of that story is this:

He said: “I condemn all the bombing by both the loyalists and the IRA.”

Apparently Jeremy Corbyn has been so widely criticised for refusing to condemn the IRA that people didn’t notice the bit where he specifically said that he condemned the IRA.

Hasn’t he done this before, though? Corbyn’s inability to say he that opposed anti-semitism without appending “and all other forms of racism” was widely – and, to my mind, rightly – criticised. These were weasel words, people argued: an attempt to deflect from a narrow subject where the hard left has often been in the wrong, to a broader one where it wasn’t.

Well, that pissed me off too: an inability to say simply “I oppose anti-semitism” made it look like he did not really think anti-semitism was that big a problem, an impression not relieved by, well, take your pick.

But no, to my mind, this....

“I condemn all the bombing by both the loyalists and the IRA.”

...is, despite its obvious structural similarities, not the same thing.

That’s because the “all other forms of racism thing” is an attempt to distract by bringing in something un-related. It implies that you can’t possibly be soft on anti-semitism if you were tough on Islamophobia or apartheid, and experience shows that simply isn’t true.

But loyalist bombing were not unrelated to IRA ones: they’re very related indeed. There really were atrocities committed on both sides of the Troubles, and while the fatalities were not numerically balanced, neither were they orders of magnitude apart.

As a result, specifically condemning both sides as Corbyn did seems like an entirely reasonable position to take. Far creepier, indeed, is to minimise one set of atrocities to score political points about something else entirely.

The point I’m making here isn’t really about Corbyn at all. Historically, his position on Northern Ireland has been pro-Republican, rather than pro-peace, and I’d be lying if I said I was entirely comfortable with that.

No, the point I’m making is about the media, and its bias against Labour. Whatever he may have said in the past, whatever may be written on his heart, yesterday morning Jeremy Corbyn condemned IRA bombings. This was the correct thing to do. His words were nonetheless reported as “Jeremy Corbyn refuses to condemn IRA”.

I mean, I don’t generally hold with blaming the mainstream media for politicians’ failures, but it’s a bit rum isn’t it?

Jonn Elledge edits the New Statesman's sister site CityMetric, and writes for the NS about subjects including politics, history and Daniel Hannan. You can find him on Twitter or Facebook.

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