I was surprised to get a letter this week from HMRC letting me know that they’ve moved their banking to new “suppliers.” Apparently they’re moving to:
- RBS (so far so good, 70% owned by HM Government – nothing like a bit of vertical integration)
and to
- Citibank (36% owned by US government, 25% by other foreign governments)
I’m sure this was all carried out through open competition but am I the only one who finds it odd that HMRC would use an American bank, and incur unrecoverable banking costs with no equity upside, when HMG owns so much of the UK banking industry?
