SIR – Like many, I am appalled at the news of savage job cuts in the bank and finance sectors. We have to wonder just what is happening to this country when old established, previously well-run companies can get in this deplorable state where all that seems to matter is satisfying foreign shareholders.

Hundreds of years ago, England beat the Spanish Armada easily, yet today in the EU we seem to have no protection from either a Spanish ‘invasion’ or ‘acquisition’.

My wife and I have some of our savings in one of the three banks destined for job cuts, but as soon as we can withdraw that money without penalty, it will be placed elsewhere with an organisation that is loyal to both our county and country – a ‘mutual’ building society of which there at least three operating in Yorkshire.

Even if the present Labour Government does not want to protect either the local or national interests of its citizens, the local people should vote with their feet, or rather their bank books.

D S Boyes, Rodley Lane, Bramley, Leeds