Labour's 'banking revolution'

Labour leader Ed Miliband has called for a major overhaul in the banking sector. Miliband called for an increase in the power of the Serious Fraud Office and an end to 'light touch' regulation.

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Labour proposals 'will not solve funding gap faced by firms'

Commenting on Ed Miliband's speech on reforming banking, Adam Marshall made this statement on behalf of the British Chambers of Commerce (BCC):

There are limited choices for businesses looking for credit vital to grow, invest, and take on staff. What’s more, switching between banks can be an administrative nightmare for many companies ... Creating new banks is one way of driving up competition and choice, but on its own, it will not solve the funding gap faced by firms. The creation of a dedicated business bank would ensure that new and growing companies can access the finance they need to develop new products and services, export to new markets, and take on more staff.

– Adam Marshall, BCC

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