Anorak News | Would You Credit It?

Would You Credit It?

by | 17th, October 2003

‘IF there is a sucker born every minute and about 670,000 babies are born every year in the UK, then that means that four out of every five of us are suckers.

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That sounds about right – but there is one thing about us suckers and that is we don’t like to be told that’s what we are.

Everyone knew Ratners jewellery was crap but it was only when Gerald Ratner publicly admitted as much that we stopped buying it.

Everyone knows that credit cards are a rip-off, but no-one expected the head of Barclays Bank to admit as much.

However, that’s what Matthew Barrett did yesterday in front of the Commons Treasury Select Committee.

“I don’t borrow on credit cards because it’s too expensive,” he said, adding that he had also urged his grown-up children not to run up such debts.

Not that Mr Barrett has much need for credit after earning £1.7m in salary and bonuses last year.

But his admission has infuriated MPs and today’s papers, with the Mirror describing him as “Barclays Plank”.

However, the Mail enjoys watching the chief executives of the UK’s five major banks come under enemy fire, even if those who were pulling the trigger were mostly Labour MPs.

“Persecution of moneylenders is a pastime known to populist leaders since the Dark Ages,” it says.

“But these days usurers tend to hide inside tall glass buildings and make sure shareholders are well quelled.”

An appearance in front of a Commons Select Committee is all very well, but maybe it is time we reverted to more medieval forms of persecution.

So if you see a banker today, we urge you to throw him or her into the nearest river. If they float, then burn them for good measure.’

Posted: 17th, October 2003 | In: Tabloids Comment | TrackBack | Permalink