Five new banks approved in UK in bid to promote stronger competition

Britain’s regulators have given the green light to five new banks since easing rules a year ago for new entrants to challenge the handful of dominant lenders.

The Bank of England and the Financial Conduct Authority also said yesterday, that over 25 further potential banking applicants have been interviewed as regulators face pressure from lawmakers to increase competition in banking.

Opposition Labour Party leader Ed Miliband has said he will consider limiting the market share of big banks should his party come to power in next year’s election.