Umunna: Need more competition in banking sector

The shadow business secretary Chuka Umuunna has confirmed the reports that Labour is to call for a cap on the size of British banks in an attempt to increase competition in the domestic market:

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We're determined to reform banking so it better serves the real economy- a British Investment Bank and more competition in banking are key

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It cannot be right that lending to almost 5 million UK businesses is concentrated in the hands of 5 High Street banks.

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Miliband to call for limit on banks' market share

The Labour leader Ed Miliband is to propose a cap on the share of the market for high street banks. Under the move, the party could force some of the "big five" banks to sell more branches to smaller firms.