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UK: Labour party criticized over slow plan for bank reform

By  |  January 16, 2014

The Labour party is expected to announce plans late this week to call upon the Competition and Markets Authority to open a formal probe into the UK’s banking industry, but since news of the announcement plans emerged the party has earned criticism for what some say is a too-slow approach to banking reform.

Reports say UK Business Secretary Vince Cable criticized the reported Labour party plans as lacking in necessary urgency, noting that the industry does not have time for an in-depth probe before reforms are made.

According to Cable, Prime Minister David Cameron already considered such an investigation, but ultimately decided it would take too long to result in boosted banking competition. Further, Cable said the issue was too complex for an industry-wide probe, suggesting that business lending specifically suffers the most from a lack of competition.

Full Content: Bloomberg

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