EEF NW comment on Ed Miliband speech on banking

Darrell Matthews

Commenting on the speech by the Leader of the Opposition, Darrell Matthews, North West Region Director for EEF, the manufacturers’ organisation, said: “Ed Miliband has set out some good ambitions for what a more competitive banking landscape should be aiming to deliver, such as lower costs, better service and more new entrants, or challenger banks.

"We have long argued that more diversity, choice and competition in the banking system and beyond is needed to support business and wider growth and investment in the real economy.

"The best way to deliver this is to systematically reduce the barriers to new banks entering the market and encourage more churn and dynamism in the business and personal current account markets.

"That said, how this is achieved will need much careful consideration.”