A senior policymaker at the Bank of England has called on the government to do more to increase competition in the retail banking sector, the Evening Standard reports today (January 13th).

Adam Posen, who sits on the bank’s Monetary Policy Committee which sets interest rates, said that businesses would benefit from new sources of finance if the banking sector receives a shake-up.

New entrants to the financial services sector could result in a boom in banking graduate jobs, and Sir Richard Branson’s Virgin brand has already taken its first steps towards becoming a high street bank by purchasing Church House Trust.

Mr Posen called for an increase in the number of sources of finance for small and medium-sized enterprises through the creation of "more robust and varied corporate finance mechanisms", the news provider reported.

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