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Ed Miliband

U.K. Labour Party Seeks Regional Banking System

The U.K.'s main opposition party will Thursday reveal its remedy for the lack of credit available to small British firms: a regional banking system that it says will spark a revival in lending and rekindle economic growth.Speaking at the British Chambers of Commerce annual conference in London, Labour Party leader Ed Miliband will pledge that his party will introduce a new system of regional banks if the party wins the next general election, expected to be held in 2015."Regional banks, with a mission to serve that region and that region alone," Mr. Miliband will say, according to extracts of his speech. "Not banks that like to say "no," but banks that know your region and your business. Not banks that you mistrust, but banks you can come to trust."Labour has yet to design exactly how a regional banking system would operate and intends to hold a consultation on the best model. A task force that Labour set up to advise it on the issue recommended it draw on the experiences of the German ...

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