It would be one in which the big banks were broken up. As far back as 1999 Donald Cruickshank calculated that the big banks were racking up “super-normal profits” of up to £5bn each year. In less than two decades, there have been 11 official investigations into our banking industry. Yes, the banking market is uncompetitive, admits the watchdog, with the big players having too many advantages over smaller challengers. Twelve years later, in the first major probe into finance after the crash, John Vickers concluded that the banking market was still uncompetitive.

Source: The Guardian August 09, 2016 19:18 UTC