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Bank of Dave

Tom Clougherty’s recent post on competition (or the lack thereof) in UK banking nicely highlights the problem posed by barriers to entry into the British banking industry. That there is indeed an entry problem should be obvious from the fact that Metro Bank, which opened in 2010, was the first new financial institution in the UK to get its own banking license in over 150 years! What may still not be sufficiently appreciated is the extent to which entry into the British banking industry has been limited, not by the unavoidable challenges would-be entrants must face in attempting to compete head-on with established British banks, but by hurdles erected by British bank regulators.
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