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Bank Charges: Lloyd's chief rejects sees no benefit in breaking up UK banks

UK banks do not need to be broken up to boost competition, according to the chief executive of Lloyd's Banking Group

Speaking to the Treasury Select Committee, Eric Daniels expressed his belief that the UK banking sector is already "enormously competitive" and dismissed claims that breaking up banks would improve the current situation.

The committee is currently investigating the levels of competition among banks in Britain and revealed that four firms currently hold 73 per cent of the current account market.

Responding to this figure, Mr Daniels said: "I think if you look at the concentration in the UK market, it is in fact less than many markets.

"If you looked at countries such as France, Australia and Canada you would find even greater concentrations," reports BBC News.

He added that the banking sector in many states in the US, such as California, is also dominated by a small group of companies despite many believing that the country has a competitive financial market.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800277805-ADNFCR

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