PM: Reforms making 'safer and stronger' finance sector

The Prime Minister's spokesman has said that Co-operative Group's decision not to buy more than 600 branches from Lloyds was a matter for the two companies.

But on the wider point of banking reform, he told me:

I think that there are reforms in thefinancial arena that have made the UK financial sector safer and stronger and anumber of measures are benefitting consumers including through choice.

– prime minister's spokesman

The Co-op reportedly cited regulatory requirements as one of the reasons for the collapse of the deal.


Lloyds branches sale called off

The sale of 632 Lloyds Banking Group branches to the Co-operative Group has collapsed. The financial institution, which is 43% owned by the taxpayer, was forced to sell them by European regulators.