CBI responds to Chancellor’s speech on banking reform

5-2-2013 — /europawire.eu/ — The CBI today responded to a speech by the Chancellor of the Exchequer, George Osborne, on banking reform.

Katja Hall, CBI Chief Policy Director, said:

“It’s right to focus on improving competition in banking because it’s a more powerful driver of culture change than structural reform.

“A healthy banking sector needs both challenger and established banks to thrive, so the ideas to boost competition, outlined by the Chancellor, will need to be scrutinised in detail to ensure they deliver this.

“Small businesses in particular should benefit from the ability to switch current accounts quickly and easily.”

On bank structures and an electrified ring-fence, Katja Hall said:

“Businesses want to be able to access the full range of banking services under one roof, so banks should press ahead with implementing the ring-fence proposals to avoid the threat of full separation.

“It’s important that individual banks are in control of their own destiny on the question of structure.”

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