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Loan Protection: Ex-Labour minister criticises UK banking system

The UK banking system has been heavily criticised by a former Labour minister who believes it is in need of "fundamental reform".

Michael Meacher has claimed that Britain has "the most profoundly dysfunctional banking system of any G7 country" as it links speculative investment with retail deposit-taking.

Speaking at a debate on banking reform, Mr Meacher expressed his belief that larger banks should be split up to prevent another financial crisis.

He said: "I believe we need to break up the mega banks with their addiction to mortgage lending.

"We need smaller banks, we need in particular specialist business banks, infrastructure banks, housing banks, green banks, creative industries banks, and all the others."

Financial regulators were labelled as being a "light touch", while excessive banker bonuses and lax monetary policy were also factors which contributed to the recession, he added.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800263496-ADNFCR

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