Miliband to unveil Regional Banks plan

A Labour Government would introduce a number of “regional banks” as partners of a British investment bank, Ed Miliband will tell the British Chambers of Commerce in a speech this morning. He’s expected to say:

“we don’t just need a single Investment Bank serving the country. 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.

“I am committed to turning that idea into reality during the next government. Because I am determined that One Nation Labour becomes the party of the small business and the entrepreneur as together we create a recovery made by the many and built to last.”

Speaking at 11.30 from Central Hall in Westminster, Miliband will also call for a complete overhaul of banking, highlighting the continued failure of banks to release capital investment to businesses even as other scandals continue – such as big bonuses at failing banks.

The speech follows up on many of the arguments made in Miliband’s Bedford speech last month – especially with reference to the future shape of the British economy and the need to invest in infrastructure now.