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TSC chief wants to break up UK banks

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TSC chief wants to break up UK banks
Recently-elected Treasury Select Committee (TSC) chairman Andrew Tyrie has repeated the government's call for a break-up of some of Britain's largest financial institutions.

According to the Daily Telegraph, the Conservative MP told the annual conference of the British Bankers' Association that partly state-owned banks such as Lloyds and the Royal Bank of Scotland should be weakened to boost consumer choice.

"Over the next few years, the government will dispose of large stakes in banks acquired during the crisis," he explained. "Governments have an interest in maximising the yield from these sales. They also have a duty to maximise competition."

Mr Tyrie, speaking ahead of a TSC inquiry into the banking sector later this year, also criticised some financial firms for their reluctance to inform consumers of the true cost of their banking provisions.

His comments come after financial secretary Mark Hoban suggested that the coalition administration could impose a permanent levy on banks' bonuses and profits.

By Gary Cooper

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