More competition needed in banking sector: Darling

Chancellor Alistair Darling wants to see increased competition in the
financial sector which he believes is a key ingredient for markets to recover
from the global financial crisis.

Darling said he wanted to see the entrance of smaller non-bank players into
the market describing this as an`essential’ ingredient to maintain competition
and promote growth, reported.

“We want to see greater competition and choice for consumers as well as a
bigger role for mutuals…We need to promote a competitive market, with
non-banking institutions,” he said.

According to nebusiness Darling hinted that the sale of Northern Rock might
be a means to achieve this aim.

He said the government would dispose of Northern Rock, “as soon as
appropriate in a manner that will promote competition for retail services”.

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