Tories urge bank reform

CALLS were today made for the Royal Bank of Scotland to be broken up and the merger of Lloyds TSB and HBOS reversed as part of a radical move to end the “comfortable oligopoly” of the country’s high street banks.

A group of Tory MPs published a paper today arguing that it is time for David Cameron to take on the banking giants.

The report also recommends the development of a new system to allow customers to switch between banks in order to drive up standards.

The report was written by Andrea Leadsom, who worked in finance for more than two decades before standing for parliament. She said that individual companies were making a “fortune” out of overdrafts and credit cards.