Ed Miliband, leader of the UK’s centre-left Labour Party, is reportedly to propose a cap on the market share of the country’s largest retail banks.
HSBC, Royal Bank of Scotland (RBS), Lloyds Banking Group, Santander and Barclays hold an estimated 85% of the UK’s current account market between them.
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It is thought that leader of the opposition will demand a 20% or 25% cap on the share of the domestic market a single bank can hold in his speech on the economy on 17 January.
Miliband may also call for the government to block RBS from paying executives bonuses of up to twice their salaries.
Under new EU rules on bankers’ bonuses, the state-backed bank, 81% owned by the taxpayer, would have to ask shareholder permission before granting such large bonuses.
The speech comes four months after Miliband criticised the stranglehold the "Big Six" energy firms have on the country.
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By GlobalDataIn a Prime Minister’s questions session on 15 January, the UK PM David Cameron said the government would veto any attempt from RBS to increase bonuses.
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