“It [P2P lending] would redeploy resources equivalent to £32 billion into the wider economy. People would have more disposable cash. Everyone would have £10 to spend on other stuff.”
Cormac described traditional banking;
“The banking industry is no more efficient today than it was in the early 1900s … You would have thought it would be easier to move money around today than it was a hundred years ago.”
The report continued saying that in the UK; “Peer-to-peer lending is bringing much-needed new competition and choice to the UK banking market in providing funds to creditworthy individuals and businesses, according to the industry body”.