Ed Balls MP, Labour’s Shadow Chancellor, responding to the Competition and Markets Authority launching a full competition inquiry into the market for current accounts and small business banking, said:

“Ed Miliband and I have repeatedly called for an inquiry into bank competition, so we welcome this announcement from the CMA.

“Ministers claim there is no problem to solve, but everyone else recognises that we have a lack of competition in our banking sector.

“As we said earlier this year, in the next parliament we need to see at least two new challenger banks and a market share test to ensure the market stays competitive for the long term, which is why we now welcome this independent CMA inquiry.”