Chancellor Gordon Brown has launched an attack on the largest high street banks for the huge profits they make off of charges paid by SMEs.
In a speech yesterday Brown announced the Government has accepted in full the findings and recommendations of the independent Competition Commission following its investigation into the supply of banking services to SMEs.
Brown said: “The Competition Commission finds that SMEs in England and Wales are being overcharged. We cannot allow small businesses to continue paying a higher price for banking services than is right. SMEs are a vital part of our economy, employing over half the workforce. It is essential that they have a proper choice of banking services, supplied at competitive prices.”