Regional banks policy pledge from Labour
Labour leader Ed Miliband will today commit the party to introducing a chain of German-style "regional banks" to ensure cash-strapped businesses are no longer denied funding.
In an election policy pledge, the Mr Miliband is expected to say the new institutions will "serve that region and that region alone".
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A Labour source said small and provincial businesses were frustrated by City-based financiers refusing requests for credit and loans.
The banks, with at least one serving Devon and Cornwall, will "only lend within the region, will be committed to the region and promote growth in the region".
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A Labour-commissioned taskforce has recommended setting up 20 not-for-profit "regional banks".
Mr Miliband will say: "We need a regional banking system, serving each and every region of the country.
"Regional banks, with a mission to serve that region and that region alone. 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."
It appears to be haling a return to banking where managers know their customers.
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