Barclays, Lloyds and Martins Banks (Merger)

Part of the debate – in the House of Commons at 12:00 am on 25th July 1968.

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Photo of Mr Anthony Crosland Mr Anthony Crosland , Grimsby 12:00 am, 25th July 1968

That was an unexpectedly robust contribution from my hon. Friend. I do not detect from the Press comment generally that this announcement will be greeted with either incredulity or dismay.

As to competition, the Report made it clear, as did the Report of the Prices and Incomes Board, that there was an element of wasteful competition in the opening of new branches, but the Commission and the Government regard that element of waste as infinitely less important to the country than the principle of maintaining a sufficient number of independent and competing sources of credit.