Lord Myners, former City minister, has called for a break-up of Britain's biggest banks.
Writing in today’s Financial Times, Myners said the future of the industry “lies in less monolithic institutions”.
He also urged the Commission on Banking, appointed by the incoming coalition government, to focus on boosting competition.
“The banking commission must give proper consideration to splitting one or both of Lloyds Banking Group and Royal Bank of Scotland.”
However, the FT suggested this is a U-turn from his past stance on the issue.
At the time of the bailouts, the then-City minister supported Alistair Darling’s defence of Britain’s global ‘super banks’, arguing they should not be forced back to “cottage industry scale”.
