Steve Davies appeared on BBC Radio 5 Live Breakfast Show to discuss SMEs.
HSBC was one of the only remaining banks to offer “free banking” to business customers, however added costs meant that these accounts were very rarely free. HSBC have said that a charge of £5.50 a month will ensure any costs with banking will be more transparent and that it will not make a huge difference to their customers. Dr. Davies argued that banks need to make a profit somehow, and that the UK has been unique in offering “free” accounts for so long.
Listen to the full programme here. Segment begins at 2:29.12.