"There are five million SMEs in the UK and all are critically important to creating jobs and growth across the country. Significantly, almost 3.5 million of these are self-employed people or sole traders, many of whom rely on their banks for access to finance and a fair savings rate.
"An uncompetitive banking sector that not only restricts new entrants but prevents SMEs and sole traders from expanding is not healthy for the UK economy.
"It would be helpful if there was greater communication from the Government and regulators to ensure that SMEs understand that there are alternatives in the banking sector. I hope the OFT sets this out in its final report."
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