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Bank of England and Financial Services Bill [Lords]

Part of the debate – in the House of Commons at 5:41 pm on 1st February 2016.

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Photo of Mark Field Mark Field Conservative, Cities of London and Westminster 5:41 pm, 1st February 2016

Is the hon. Gentleman able to answer my earlier point? If we have ever-more rigorous regulation and ever-more onerous compliance, with even the new challenger banks having to pay a large bank levy immediately, will that not provide a massive disincentive to the sort of competition that many want to see in the banking system? I am not saying it is an easy issue to resolve. We all want competition, but how will that happen in the banking sector if it is so heavily regulated—now and in the future?