A coalition which incorporates a few of Britain’s best-known banks is demanding illustration in a Labour Party monetary providers coverage evaluation which is dominated by the bosses of FTSE 100 corporations.
Sky News has seen a letter to Tulip Siddiq, the shadow City minister, from the chief executives of lenders together with the Co-operative Bank, Metro Bank, Starling Bank and Tesco Bank during which they urge her to canvass a “genuinely diverse set of views from the sector [to] inform your review”.
In the letter, despatched on Monday, the financial institution chiefs instructed Ms Siddiq that “while the UK is a great place to start a bank, sadly this is still not yet the case when it comes to scaling – illustrated by the numbers of new banking licences granted in recent years versus the continued dominance of the ‘Big Five'”.
Also signed by the bosses of Aldermore, Close Brothers, Investec, Monzo, OakNorth, OneFinancial savings Bank, Paragon and Shawbrook, the letter mirrored frustration among the many mid-tier banks that their section of the market was excluded from a evaluation panel introduced by Ms Siddiq final week.
The City figures advising Labour embrace Sir Douglas Flint, the chairman of Abrdn; Nigel Higgins, the Barclays chairman; and David Schwimmer, CEO of London Stock Exchange Group.
One individual near Labour identified that Susan Allen, chief government of the Yorkshire Building Society, was among the many panel members.
In their letter to Ms Siddiq, the financial institution chiefs mentioned {that a} robust mid-tier and specialist banking sector was “critical to the future growth and prosperity of the UK economy”.
It employs 35,000 individuals and accounts for whole property of roughly £300bn, they added.
“We are more focused in regional geographies and have deeper roots in the communities we serve, operating in markets often poorly served by the large mainstream providers that are well-represented on your panel.”
None of the banks contacted by Sky News would touch upon the letter.
Source: information.sky.com”