Latest editorial
Miliband pledges to break up banks
Labour leader plans competition boost against 'big five'
Labour will break up Britain's "big five" banking monopoly by forcing the high street giants to give up branches and open the market to competition, Ed Miliband (pictured) promised yesterday.
Delivering a speech at the University of London, the party leader said a Labour government would impose a US-style cap on the market share that any one bank can have in personal accounts and small business lending.
If the party wins the next general election, government department the Competition and Markets Authority would be instructed to report within six months on how to create a least two new "sizeable and competitive banks" to challenge existing lenders.
More from this author
Colombian national Isabella Acevedo asks to be treated with same leniency as Harper following reshuffle promotion as Disabled People's Minister
Construction workers call for bosses' to stand trial as HSE finds over half of building sites unsafe
Watchdog investigation closes down 13 unsafe building sites, hands 85 enforcement notices and warns 201 others
Similar stories
BERNIE EVANS despairs of a government that is asking the crooks sucking Britain dry how to get the economy back on track
Labour’s ex-banker Chancellor plans deregulation while City profits soar and customers suffer — between money laundering scandals and the exploitation of Covid loans, it’s clearly time to end this madness, says BERNIE EVANS
