Banking industry could face full competition inquiry

Britain's competition watchdog is consulting on plans to launch an in-depth investigation into personal current accounts and small business banking.

Personal current accounts and business lending are set to be part of the probe after the Competition and Markets Authority said it had "significant competition concerns" about the industry.

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Labour welcomes banking competition probe

Labour shadow chancellor Ed Balls has welcomed the competition watchdog's call for an investigation into personal current accounts and small business banking.

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.

– Ed Balls, Labour's Shadow Chancellor

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