The first prerequisite is a stable macroeconomic climate. The Review will not cover that. The second is the promotion of competition in the industry. In my view, the Competition Act 1998 provides the right legal framework for the UK competition authorities. The Review will not cover this framework, but may make recommendations as to how the relevant legislation might be used to promote effective competition.
Wise regulation is the next challenge.
The banking industry, properly, requires much regulation of this nature. The Review may make recommendations as to how such regulation might be moderated or changed where this would promote consumer welfare. Beyond these roles, Government intervention in the banking markets has to be carefully measured. There is, in principle, no need for it. The Review may propose changes to current, taxpayer funded, programmes.