You're watching...
Metro Bank founder Vernon Hill argues the British banking climate is more pro-business than in the U.S.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
I simply can't believe I'm about to say -- bought some people on now saying it's easier to do business in Britain than it is here.
A vote on the hill is the co-founder and vice chairman of metro bank which she opened himself in Britain.
He is at -- in America hole was.
He built com us bank in America into one of the eighteen largest banks in this country now he's over that.
-- witness of idea this morning in New York but and welcome -- morning -- a way to spell out explicitly.
Why is difficult to do business in the banking industry in America go.
I'm concerned the American dream is under threat in every area and we see -- mostly in America in the banking system.
Where the endless rules and regs.
Are just -- the small banks in America.
And reducing job give -- example small banks destroy about rules and -- community re in then.
That's -- act.
Anti money long laundering laws.
Just an endless amount -- rules and regs -- the government's trying to micromanage -- business does that mean that smaller banks -- can comply with these rules and -- is that -- now the legal power firepower to do it.
They can afford it is that it yes and yes what they've done is -- -- general -- rules in America.
Everybody whether it's JPMorgan.
Of the smallest local bank -- America the same banks in America that create small business jobs.
As you mentioned I started -- new bank in Britain that were open about eighteen months it's the first new bank in Britain for a hundred plus years.
And what we've been shocked to find is the operating environment is much easier for banking in Britain and it is here.
The government is happy to see new people come.
And they don't try to micromanage -- business I thought that's but it had a banking crisis just like we had a banking crisis and that they have a banking reform legislation of some sort it's no -- media what it is over here not even close the regulatory burden is.
Infinitely worse for American banks and is for banks in Britain -- wasn't always true that wasn't it when you -- building almost bank here in the states that was not true was.
I really don't -- really don't not only been in Britain for last.
Years but there is no doubt that the micro management overburden that every community bank.
Sees -- America does not exist in Britain could use on a new bank in America today as you started a new bank -- Britain won a couple of years ago.
Much harder here much harder now much -- -- been almost no new bank started an American the last 34 years.
Is this George Osborne thank -- interrupt but of this he's good chance of its Exchequer in Britain he is is this.
His doing what has -- Now the system is different in Britain this week we got -- new banking license long before the current government came into power this is an American problem.
Not a plus for Britain.
The government is going to micromanage the banks in this country and they're gonna micromanage every medium of small sized bank out.
Of success.
-- small businesses are supported by smaller banks there or not.
Supported by the top five banks and the result is -- less credit for small business less jobs.
But I remember when -- were running Commerce Bank.
You're always pushing the envelope in terms of services.
In terms of hours in terms of amenities and you ran up against regulators big and small have you had that problem in Britain.
Now they're much more open to change in Britain and -- there hasn't been a new change in Britain and banking word dramatic.
Change -- surprisingly everything that you mentioned we did it in America works better in Britain because they haven't had any change.
We learned from burden that a limited number of very large banks does a very poor job of serving.
The small business particularly but also the retail community.
And that what's gives us the opening in Britain we -- come back to live in America.
I live I live in America now -- you really a U com about.
Half and half now is that the tax reasons is that top rated tax is lower than that talk right -- know what I'm not -- it's not a path.
Well but it was great to see you again thank you very much and good luck with the -- the venture in Britain we appreciate it thank.
