Broad support for Miliband bank reforms

January 19, 2014, 9:00 AM GMT+0

57% of the population actively supports Ed Miliband’s plan to cap the market share of high street banks – and the bonus cap he proposes is even more popular

In his first major political appearance of the New Year, the Labour leader Ed Miliband said on Friday that a Labour government would on “day one” ask the Competition and Markets Commission to set a threshold for any one bank’s share of the personal accounts and small business lending market.

A new YouGov survey for the Sunday Times finds the proposal broadly supported by the public.

Overall, the majority (57%) support putting a 25% cap on the market share any one high street bank can have. Mr Miliband has not stated the exact size of the cap, however.

The idea is even supported by 50% of Conservative voters, and opposed by only 27%. And Labour voters are actually outnumbered in support by UKIP voters - 70% support; 18% oppose.

Ed Miliband also wants to restrict the bonuses bankers are allowed to 100% of their salary; a move supported by 67% and opposed by only 19%.

Currently banks could award bonuses 200% the size of salaries if shareholders approve. David Cameron has not said he would block them from doing so, instead saying that cash bonuses would be limited to £2,000 but the rest could be paid in shares. While this approach is supported, it is less popular than Ed Miliband’s: 55% support it and 25% oppose.

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