Plans for the next Labour government to set up a new system of regional banks will be outlined by party leader Ed Miliband tomorrow.
The new banks would be "regional partners" of Labour's proposed British Investment Bank.
"Britain needs a wholly new banking system," he will say in a speech tomorrow to the British Chambers of Commerce.
Mr Miliband will complain that requests to the banks from small and medium-sized firms for adequate finance are often turned down, even though they are "the backbone of the economy."
He will contrast the £4.5 billion fall in net lending in the last quarter with the big banks "carry on with a bonus as usual culture, even for those who fail."
A Labour government would set up regional banks with a mission to serve their own region, he will promise.
"Not banks that you mistrust, but banks you can come to trust."
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