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Lord Myners calls for bank break-up

Lord Myners, City minister in the last government, has called for a break-up of Britain's biggest banks.

By Donia O'Loughlin | Published Dec 13, 2010 | comments

He believed the Commission on Banking must give proper consideration to splitting one or both of the Lloyds Group and the Royal Bank of Scotland, according to the Financial Times (FT).

Mr Myners claimed the future of the industry lies in less monolithic institutions and has urged the banking commission to focus on boosting competition.

At the time of the bailouts, Mr Myners supported chancellor Alistair Darling's defence of Britain's global superbanks.

The FT said that Mr Myners' views echoed a growing belief that the banking commission, chaired by Sir John Vickers, will focus more on the issue of high-street competition than the complex structural question of whether retail and investment banks should be allowed to remain under one roof as so-called universal banks.

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