Cathy Jamieson MP, Labour’s Shadow Financial Secretary to the Treasury, commenting on the call by Which? for a full competition inquiry into the current account market, said:

“Which? is right to highlight the lack of competition in our banking system. As Ed Miliband said earlier this year, a Labour government will ask the Competition and Markets Authority to report on how to create at least two new sizeable and competitive banks to challenge the existing high street banks. We will bring in a threshold for the market share any one bank can have of personal accounts and small-business lending to ensure no bank can get too big, and that the market is competitive for the long term.

"A more competitive banking sector would be good for both consumers and businesses, and help us earn our way out of this cost-of-living crisis, but this government is refusing to act.”

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