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  Ed Miliband promises 'reckoning with our banks' to tackle cost of living crisis
  Labour leader says he will turn tide of bank ownership becoming more concentrated, setting up new banks to challenge big five
  
  Ed Miliband has promised he has the strength to tackle the vested interests in Britain as he pledged to dismantle the big five banks and force them to sell branches to at least two new challenger banks.
  
  He said: "We need a reckoning with our banks, not for retribution but for reform to tackle the cost of living crisis in this country.
  
  "After decades of banking becoming more and more concentrated, I am determined that Labour will turn that tide.
  
  "I want to send a message to our small and medium-sized businesses: under the next Labour government, instead of you serving the banks, the banks will serve you."
  
  He insisted the challenge of Britain's broken banks was the biggest test "of whether we are serious about building a new economy and tackling the cost of living crisis". British banking had some of most concentrated patterns of ownership in the world, he said.

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