Per DM

Per DM

January 04, 2011 06:23 ET

Lloyds Banking Group's "Bad Bank" Prediction Prompts Per DM Group to Ask: "Should We Take Heed or Trust in the UK's Resilience and Will to Recover?"

LONDON, UNITED KINGDOM--(Marketwire - Jan. 4, 2011) - Its 2011 and the year is only a couple of days old and we are already being warned of an impending economic downturn from Andy Cumming head of Lloyds Banking Group's "bad bank". According to Mr Cumming the UK's economic recovery remains far from certain. Jesse Young CEO of Per DM Group, one of the UK's most successful outsource sales companies says: "If we are to believe this then both the business and private sector will be looking to their banks for support in order to get them through this impending crisis. Can we rely on that?"

Over the past year we have all been living with just about every economist forecasting us sliding into a double dip recession and rising inflation curbing growth.

Well so far this has not come to pass and yet once again in the Daily Telegraph we are reading of Andy Cumming saying: "If consumers start to stop spending, and I think they will do given the pressures around in terms of unemployment and national insurance going up, people are going to hold back the cheque book."

However should we be taking what the head of a "bad bank" is saying seriously especially one that made the monumental error of merging with HBOS and effectively turned a strong market performer into a busted flush overnight? Or should we "trust in the great British public's own resilience and will to recover?" asks Per DM Group's CEO.

What we all seem to forget sometimes is that the UK is still a huge consumer economy, a mature economy where people still look to maintain their own lifestyle standards. A smarter society that is more discerning. "Businesses that recognise this and alter their thinking to try and engage their customers directly will reap the greatest rewards," says Jesse Young. "Brands and businesses need to be more innovative, champion their customers, build trust and retain their loyalty."

By common agreement the banking sector is the biggest failure when it comes to investing in customer loyalty. The words engaging, innovative and trust are no longer synonymous with our banks. So is it any surprise that such pronouncements from Andy Cumming are viewed with a certain amount of scepticism? After all this is coming from a man whose division and overheads have mushroomed from 200 people to over 1200 all to manage bad loans dished out by Lloyds TSB.

"Trust in the people" says Per DM Group's Jesse Young. "It won't be the banks and it certainly won't be the politicians who get us out of this mess. It will be the Great British consumer."

Per DM Contact Marketing Limited was established in August 2005 in response to the UK markets' need for a field sales organisation capable of delivering high quality results with consistency and reliability.

The company was formed by a group of former UK financial services executives and senior executives from the leading North American field sales agency and since 2005 we have continually recruited leading figures from the B2C and B2B business arena.

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