Banks still have a monopoly
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Money News |
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Banks still have a monopoly
Fri 18th Feb 2005
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Mr Cruickshank was commissioned by the government to probe competition among UK banks five years ago.
He claimed today that little had changed since he concluded his investigation.
Mr Cruickshank argued that the government failed to act on his report because of a "regulatory contract" between ministers and banks.
"Sustained [and] very high profitability is an indication that they are operating in a complex monopoly and that on balance this is bad for an economy," he stated.
"In most sectors you would expect to get new entrants but in the UK if you want to become a bank you've got to be a bank."
Related News : Banking |
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