Banking Reform

Part of Oral Answers to Questions — Communities and Local Government – in the House of Commons at 3:34 pm on 4th February 2013.

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Photo of Greg Clark Greg Clark The Financial Secretary to the Treasury 3:34 pm, 4th February 2013

My hon. Friend and I completely agree about the need for more competition in the banking sector. It is one of the features of the banking crisis that it has resulted in a concentration in the number of banks. Frankly, there were never enough in the first place, and we need urgently to see more new entrant banks of all types coming in. We are working with the existing regulatory authorities and, through amendments to the Bill, we will transform the state of competition in the banking sector. I very much hope to see an infusion of new energy and talent into the banking system in this country.