My response to the CMA’s announcement on an inquiry into bank competition

Ed Miliband and I have repeatedly called for an inquiry into bank competition, so it’s welcome that the Competition and Markets Authority is now set to start this work later this year.

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.

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Posted July 18th, 2014 by Ed

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