Labour’s Parliamentary Candidate for Ilford North, Wes Streeting, was in central London today to listen to Ed Miliband outlining plans for major reform of our banks.
He argued that a few large banks have been allowed to dominate the market, which is creating a worse service for consumers and a lack of lending to small businesses.
Ed Miliband said that Labour will introduce a cap on the market share that any one bank can accumulate – similar to that in the USA – and create at least two new banks to create greater competition to the benefit of consumers and small businesses.
Wes Streeting said: “It was great to hear Ed Miliband outlining bold plans to reform our banking system. We know it’s broken and that our large banks are not serving businesses and communities well. There are thousands of businesses in Ilford North that would benefit from Labour’s banking reforms – as well as measures that Ed Miliband has already announced, like business rate relief for small businesses.”
You can read the full text of Ed Miliband’s speech here: http://press.labour.org.uk/post/73604990200/one-nation-economy-speech-by-ed-miliband-mp