Letters to the editor - 22/01 - Banking IT crisis, False optimism, Best of Twitter

Banking IT crisis

[Re: UK banks risk financial meltdown if the long-term IT crisis remains unresolved, yesterday]

I agree with the identification of the problem, though not necessarily with the solution (“to create a national programme of IT transformation”). It’s not clear that a centralised approach to solving systemic problems is required. An alternative would be to agree an “architectural framework” and then allow a marketplace of small, nimble solution providers to develop. As an analogy, the banks would be sponsoring the creation of the “app store,” and then empowering others to provide the apps.

Name withheld


False optimism

[Re: We love bubbles – but UK has yet to recover from the last two, yesterday]

We shouldn’t read too much in to the IMF’s upgraded forecast for UK growth. Britain is recovering from a low base, and is still yet to surpass pre-recession levels of output. But more importantly, we simply haven’t seen the requisite pick-up in productivity for a more sustained, structural recovery. UK labour productivity fell by 0.3 per cent in the third quarter of 2013, and is lagging well below trend levels and those of other G7 nations. Let’s not be complacent about our growth – there is a lot of work to be done.

Martin Holmes



IMF upgrades UK growth to 2.4 per cent in 2014. Socialist France expected to grow an anaemic 0.9.

Why are our medical records not online and accessible like our bank account records?

IMF predicting stronger UK growth. Will spell trouble for Labour’s doom-mongering over the economy.

Ladbrokes make the Liberal Democrats 5/1 not to win a seat in the May EU elections.