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Labour consider cap on market share of High Street banks | Labour consider cap on market share of High Street banks |
(about 1 hour later) | |
Labour is considering a cap on the market share of individual High Street banks as part of efforts to increase competition for customers. | Labour is considering a cap on the market share of individual High Street banks as part of efforts to increase competition for customers. |
The party would compel the "big five" banks to sell more branches, Ed Miliband will say on Friday. | |
It is designed to make way for new banks capable of competing and to focus on what Labour calls a "cost of living crisis", the BBC's Nick Robinson said. | |
But the Tories said Labour had created the problem in the first place. | |
In 2012, the leading five banks accounted for 90% of the market share in Britain in terms of customer numbers and total lending figures. | In 2012, the leading five banks accounted for 90% of the market share in Britain in terms of customer numbers and total lending figures. |
Politicians from all parties have called for more competition in the industry, saying this would promote better deals and service for customers. | Politicians from all parties have called for more competition in the industry, saying this would promote better deals and service for customers. |
'Socially destructive' | 'Socially destructive' |
In July 2012, the Labour leader said the banking industry had become "economically damaging and socially destructive" and needed far-reaching change - and Friday's speech will see him outline what the party would do if it won power. | In July 2012, the Labour leader said the banking industry had become "economically damaging and socially destructive" and needed far-reaching change - and Friday's speech will see him outline what the party would do if it won power. |
The plan is expected to include requiring HSBC, Barclays, Royal Bank of Scotland, Santander and Lloyds - the "big five" banks - to sell more of their branches to smaller players and new entrants. | The plan is expected to include requiring HSBC, Barclays, Royal Bank of Scotland, Santander and Lloyds - the "big five" banks - to sell more of their branches to smaller players and new entrants. |
Our political editor said he had been told that Labour had also discussed the possibility of a cap on the market share which any retail bank could have, drawing on a similar scheme operating in the US. | Our political editor said he had been told that Labour had also discussed the possibility of a cap on the market share which any retail bank could have, drawing on a similar scheme operating in the US. |
Mr Miliband will argue that what he calls a "living standards crisis" for those on low and middle incomes can only be addressed by making long-term structural changes to the British economy, including banking. | Mr Miliband will argue that what he calls a "living standards crisis" for those on low and middle incomes can only be addressed by making long-term structural changes to the British economy, including banking. |
He will argue his proposals are in line with other Labour initiatives in recent months - including support for universal childcare and a plan for a 20-month freeze in energy bills - designed to relieve the financial pressure on families. | He will argue his proposals are in line with other Labour initiatives in recent months - including support for universal childcare and a plan for a 20-month freeze in energy bills - designed to relieve the financial pressure on families. |
The government has passed new laws to force regulators to produce greater competition in banking, acting on recommendations of the Parliamentary Commission on Banking Standards and the Vickers Commission. | The government has passed new laws to force regulators to produce greater competition in banking, acting on recommendations of the Parliamentary Commission on Banking Standards and the Vickers Commission. |