"Providing insight in a clouded and polarised debate..."


Demos Finance is a new financial services research unit, providing industry leaders, policymakers and the public with reliable, objective and easy to understand analysis of the sector.

Based within Demos, Demos Finance will produce original research reports, expert commentary and insight and analysis on the most pressing financial issues of the day. It will also host events and debates to explore these issues, bringing experts and practitioners together with policymakers and opinion shapers.

Demos Finance will generate new ideas and suggestions for public policy, will help to explain and ‘translate’ complex arguments to a non-specialist public, and will give a high priority to good, jargon-free prose.


Andrew Freeman
is Director of Demos Finance. He was Banking Editor at The Economist from 1992 to 2006. Since then he has worked as Executive Director at the Centre for Financial Services at Deloitte and was a founder member of McKinsey’s risk practice. Contact.

Jodie Ginsberg
is Deputy Director of Demos Finance. Jodie was the London bureau chief for Reuters news agency between 2007 and 2011, where she led coverage of the financial crisis, UK general election and London riots. Contact.

2013 research strategy

The Future of Banking


Following the Vickers report and its recommendations of building a ‘firewall’ between retail and investment banking, we will be looking at questions of the structure of the financial services sector.

Is ring-fencing investment and retail banking the right answer? How could the payment and lending functions of banks be separated and what might these institutions look like in the future?

Is more ‘local’ banking the answer? What role will technology companies play in banking provision? And what is the future for ‘new’ funding models like crowd-funding or local government bonds?


We will also be looking the future for regulation of financial services: locally, regionally and globally. How can systemic risk be monitored and regulated? Is cross-border co-operation plausible?

Financial education

Financial education and literacy are crucially important, but how can they be improved throughout the system? What role should formal education play?

Technology and innovation

Ageing systems

The financial world is heavily reliant on rapidly ageing technology systems. How risky is the back office? Where are the weak points in the global system? What can be done to solve the under-investment problem?

Financial innovation

The complicated models and products that characterised the pre-crisis era are out of favour. But what financial innovations are currently being considered? Could securitisation return to the sort of influence it enjoyed before the crisis?

Islamic finance

This important sector is often over-looked and misunderstood. How big can Britain’s Islamic market grow, who are the key players and might Islamic finance hold some of the answers to the need for patient investment capital? Are attitudes towards Islamic finance shaped more by prejudice than knowledge?

Risk and reward


Following our paper assessing the government’s Kay Report on UK

equity markets and long-term decision-making, we will explore the next steps for tackling short-termism in finance. What new methods of funding growth might be found? How can the small business sector best be supported?


Bonuses and remuneration structures remain a key challenge for the banking industry, but are also increasingly of concern for fund managers. What is the best way to balance risk and reward for company owners, money managers and others?

To find out more about Demos Finance and its work, please contact Jodie Ginsberg on jodie.ginsberg@demos.co.uk

Finance for Growth
Andrew Freeman
Publication Date
Publication Type

This report uncovers the real leding climate for Small and Medium Enterprises, and argues that the consensus view of banks failing to support SMEs with loan finance is flawed.  

Payment Power
Jodie Ginsberg
Publication Date
Publication Type

This report examines the role of the payments sector as it prepares for a new regulator, and considers how this regulator can help to ensure innovation continues in the sector.

Jan 20

Creating competition

Taking on the banks' market dominance doesn't mean breaking up the banks, argues Jodie Ginsberg.

Jan 16

We don't need another review into bank competition

Ed Miliband should reduce barriers to entry, not call for another review, argues Jodie Ginsberg.

Dec 3

Why aren't the real 'squeezed middle' saving?

Jodie Ginsberg on how to nudge people back into saving.

Oct 29

What can we learn from Islamic finance?

The UK should use the Islamic Finance Forum to think beyond trade, urges Jodie Ginsberg.

Oct 10

Let’s talk money – the Demos Finance inaugural lecture

Jodie Ginsberg reflects on last's night inaugural Demos Finance lecture.

Oct 9

How to help small businesses

Ana Botín, chief executive of Santander UK, introduces her Demos Finance inaugural lecture.

Sep 20

The challenge for banking’s new monitor

Jodie Ginsberg lays out the task ahead for Richard Lambert.

Sep 4

Finance for growth

The conventional wisdom on SME lending is due a rethink, writes Jodie Ginsberg.

Aug 8

An early shot across the banks’ bows

Mark Carney is right to prioritise the problem of banking culture, writes Andrew Freeman.

Jul 24

Why the Bank of England is not the Taliban

Jodie Ginsberg provides some clarity on small businesses and bank lending.

Jul 16

Making markets moral

Duncan O'Leary dissects the arguments for moralising capitalism ahead of Jesse Norman's Demos lecture.

Jul 2

The quiet revolution in banking

Jodie Ginsberg on how innovation is radically changing financial services.

Jun 25

Changing banking for good

Jodie Ginsburg rounds up last night's Demos Finance debate on banking standards.

Jun 20

A safer financial system? Don’t bank on it

Legislation alone won't reform our banks, says Jodie Ginsberg. A change in culture is required.

Jun 19

Banking: keep it simple, stupid

The Tyrie report doesn't go far enough in its call for simpler banking, says Jodie Ginsberg.

Jun 14

The hidden cost of reforming banking

The Commission on Banking Standards must prove it is worth the money, writes Jodie Ginsberg.

Jun 10

Finance - it's not clear enough

If we don't understand what we're being sold, how can we know the risks, asks Jodie Ginsberg.

May 8

What Occupy got wrong

Demos Finance's Jodie Ginsberg reports back on an in-conversation event with Anat Ahmadi.

Oct 29

Islamic finance in the UK

ITV's report on the World Islamic Economic Forum features Jodie Ginsberg's view that this should be used as an opportunity to investigate how the principles of Islamic finance

Oct 23

Finding the right funding for SMEs

David Prosser drawns on research by Demos in his article on funding for SMEs for Forbes. 

Oct 14

Warming the relationship between the banks and SMEs

David Prosser draws on research carried out by Demos to argue that banks should refresh their relationship with SMEs in The Independent

Sep 6

Don't blame the banks

Andrew Freeman blogs for the spectator about the myth that banks are failing UK businesses

Sep 4

giving SMEs credit

The Times joins the Finance for Growth debate

Sep 4

Concerns about growth

Demos' Finance for Growth report is discussed in the Telegraph, talking to Jodie Ginsberg and Andrew Freeman

Sep 4

Hungry for growth?

The Evening Standard picks up the debate started by Demos' Finance for Growth report.

Jul 16

Outdated technology could lead to another crisis in banking

Andrew Freeman, the Director of Demos Finance, writes a comment piece in the Financial Times on the role of technology in banking crises.