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Adiós Santander: If the Banks Want Out, Let Them Go

Writer's picture: Steve ConleySteve Conley

As the Government rolls out the red carpet for deregulation, it seems some banks have decided to up the ante in this high-stakes game of economic chicken. Santander, the Spanish banking giant, has reportedly been “exploring strategic options” that include, gasp, leaving the UK. Cue the ominous headlines and handwringing experts. But here’s a thought: if they want to go, let them.


The notion that we should cower at the prospect of losing a bank like Santander reeks of the same hubris that fuelled the 2008 financial crash. Banks, it seems, are once again reminding us of their self-appointed status as the untouchable elite of the economy. Now, they’re firing warning shots at the Government, suggesting that if deregulation doesn’t pad their already plush pockets, they’ll pack their bags and head elsewhere.

Well, here’s my counter: adiós, amigos.


The Perils of Playing Chicken with the Economy

Santander’s alleged flirtation with a UK exit is not a new tactic. Banks love to flex their muscles, hinting that their loyalty to a given market is conditional on their ability to extract maximum profit with minimal accountability. But this is a dangerous game for them too. The mere whiff of instability could lead customers to jump ship faster than you can say “fixed-rate mortgage.” Stability, after all, is the golden goose in banking, and scaring off customers with idle threats hardly projects confidence.


Let’s not pretend that Santander is the altruistic saviour of the UK economy. They’re not here out of charity. They’re here because the UK is lucrative—despite regulation. If they truly saw no profit potential, they wouldn’t need to issue veiled threats; they’d simply leave. But they haven’t, have they?


Deregulation: A Pandora’s Box for Consumers

Meanwhile, the Government’s attempts to curry favour with financial giants through deregulation are deeply misguided. We’ve been here before. Deregulation does not empower consumers; it empowers the industry to behave badly. The consequences are always the same: consumers lose protections, inequality widens, and when the inevitable crisis comes, taxpayers are left holding the bag.


Banks like Santander lobbying for more deregulation is not about benefiting the public. It’s about removing the “inconvenience” of playing fair. Deregulation means higher profits for them and greater risks for the rest of us.


Santander’s Departure: Disaster or Opportunity?

Let’s entertain the hypothetical for a moment: Santander leaves. Would the sky fall? Unlikely. Mortgage books would be sold, direct debits would transfer, and other banks or fintech companies would step in to fill the gap. Yes, there might be short-term upheaval, but the UK’s financial system is far from dependent on any single player.


In fact, their departure could spark something positive—a chance to diversify and innovate in financial services. Perhaps it’s time to stop bending over backwards for banks that prioritise shareholders over customers and instead focus on fostering a financial system built around transparency, fairness, and resilience.


The Real Shot Across the Bow

Santander’s posturing is not just a warning shot to the Government; it’s a symptom of a broader issue: the unchecked arrogance of big finance. For too long, we’ve allowed banks to dictate terms, holding economies hostage with threats of withdrawal. It’s time to turn the tables.


Let them leave if they wish. Let them explain to their shareholders why they abandoned one of the world’s most robust markets. Let them face the backlash from customers who no longer trust their motives. The UK can—and will—adapt without Santander.


The message to the Government should be clear: do not bow to these tactics. Protect consumers, uphold regulation, and let banks know they are welcome to stay—on the condition that they play by the rules. If not? Don’t let the door hit you on the way out.

In the words of every frustrated commuter facing another round of bank-related chaos: good riddance.

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