Another Disappointment From The Banks

The Political Idealist

In the UK, the problems associated with the oligopoly of the ‘Big Five’ firms which dominate the UK banking system are well documented. Admittedly, they are never acted on, but this is because they have so much influence- after all, it is these multinational giants which effectively control the distribution of financial resources that theoretically put inactive savings to use fueling growth and development in business. As such, they have the power to seriously undermine the government’s position.

That is why EU pushovers regulators argued that a series of takeovers, mergers and bailouts had resulted in excessive consolidation, and demanded that RBS and Lloyds Banking Group both hive off about 20% of their retail banking arms and sell them off. That was one of the most inadequate findings in regulatory history, but new competition is welcome in any case. Unfortunately, the two banks that planned to buy these newly created…

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