Labour plans to refer high street banks to the competition authorities immediately if elected in 2015, the party leader is expected to say in a speech on banking reform.
The Guardian reports that Ed Miliband will say in a speech on Friday that he wants the proposed review by the Competition and Markets Authority (CMA) to complete within a year of the election, and anticipates it could lead to a breakup of the larger high street banks, such as RBS or Lloyds.
Mr Miliband is expected to argue that greater competition in financial services is central to restoring Britain's long-term economic prosperity and providing consumer choice.
More top news
A former model has been found guilty of murder after shooting her millionaire ex boyfriend in his Costa del Sol home.
Some warm sunshine today, but also scattered heavy showers in the South-west.
A 14-year-old girl who died after falling ill in a PE class has been named locally as Kiera Beagle.