Labour consider cap on market share of High Street banks
Labour is considering a cap on the market share of individual High Street banks as part of efforts to increase competition for customers.
The party would compel the "big five" banks to sell more branches, Ed Miliband will say on Friday.
It is designed to make way for new banks capable of competing and to focus on what Labour calls a "cost of living crisis", the BBC's Nick Robinson said.
But the Tories said Labour had created the problem in the first place.
In 2012, the leading five banks accounted for 90% of the market share in Britain in terms of customer numbers and total lending figures.
Politicians from all parties have called for more competition in the industry, saying this would promote better deals and service for customers.
'Socially destructive'In July 2012, the Labour leader said the banking industry had become "economically damaging and socially destructive" and needed far-reaching change - and Friday's speech will see him outline what the party would do if it won power.
The plan is expected to include requiring HSBC, Barclays, Royal Bank of Scotland, Santander and Lloyds - the "big five" banks - to sell more of their branches to smaller players and new entrants.
Our political editor said he had been told that Labour had also discussed the possibility of a cap on the market share which any retail bank could have, drawing on a similar scheme operating in the US.
Mr Miliband will argue that what he calls a "living standards crisis" for those on low and middle incomes can only be addressed by making long-term structural changes to the British economy, including banking.
He will argue his proposals are in line with other Labour initiatives in recent months - including support for universal childcare and a plan for a 20-month freeze in energy bills - designed to relieve the financial pressure on families.
'Already greater choice'The government has passed new laws to force regulators to produce greater competition in banking, acting on recommendations of the Parliamentary Commission on Banking Standards and the Vickers Commission.
Responding to reports of Mr Miliband's planned announcement, a Conservative Party spokesman said the Labour leader was talking about a problem "that was created by the Labour government he was at the heart of".
He added: "That's why part of David Cameron's long-term economic plan is about fixing our banking system - by increasing competition on the High Street, ring-fencing retail from investment banking so that no bank is too big to fail, and increasing lending to business.
"There is already greater choice on the high street now than there was under Labour.
"Our changes will mean a more secure banking system for businesses, hardworking people and their families."
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