I am delighted by the recent news that Adcocks in Watton has settled its mis-selling claim with Barclays Bank. I have been a strong supporter of Paul Adcock’s long campaign for compensation and will continue my work in Parliament calling for protection for small businesses against the antics of banking giants.

Many of us feel impotent in the face of the big banking machine. I have long argued that we need to establish a new framework for banking, one that encourages high street banks to play an active role in the local economy, helping small businesses to grow and prosper, instead of exploiting their vulnerabilities. The banking crisis – the out of control boom followed the bust - has had a catastrophic effect on the real economy. Small businesses are the lifeblood of our economy and we need the banks to support them.

We also need much greater competition and transparency in the banking sector, with a much easier regime to promote new entrants. America has over 20,000 high street banks. We have less than 10. Banking has become too much of a cosy cartel for the few. We need a renaissance of smaller banks doing the old fashioned business of looking after our savings and lending sensibly to businesses to keep the local economy thriving.

If that's too dull for the big bankers in London, then let's break up the market monopoly to let in some new providers who are interested in the local economy. Fundamentally, we need deep reform of our banking system to support sustainable growth and I will continue to press for this in Parliament.

Link: EDP coverage of Adcocks’ settlement