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Bank charges: Lloyds Banking Group deal failure bad news for consumers

The decision of the Co-Operative Group to pull out of a deal to buy 632 Lloyd's Banking Group branches is bad news for consumers.

This is the opinion of Chris Leslie, Labour's Shadow Financial Secretary to the Treasury.

"This is not only bad news for the Chancellor but for consumers too. We need more competition in the banking sector - including a greater role for mutuals - to give customers and businesses a better deal," he said.

Without the sale of Lloyd's branches, competition will remain limited, meaning customers will have little room for manoeuvre when faced with high bank charges or tight lending criteria.

The economy will also feel the ramifications of the failed deal and Mr Leslie believes the situation is another warning that the government's economic plan is failing.

Mr Leslie claims the chancellor must act quickly to kickstart the flailing economy.

This comes after the chancellor is faced with criticism over his austerity measures.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801576957-ADNFCR



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