The Cruickshank report on competition in UK banking: Assessment and implications

This paper assesses the Cruickshank report on competition in UK banking from the perspective of a major private sector German bank. The paper starts by describing the UK market for retail banking and then the major conclusions and recommendations of the Cruickshank report. The author expresses considerable doubt on the report's findings of high prices and poor quality of service and offers an alternative explanation for the UK banks' high profitability. The paper concludes by noting a number of important implications which the Cruickshank report has for regulators and banks internationally.