Darling to sell UK banks

UK Chancellor Alistair Darling has announced plans to sell off parts of Northern Rock, Lloyds and RBS in an effort to restore tax payer's money.

Darling plans to increase choice and competition among banks by selling to new comers to the banking region which should produce new High Street Banks over the next few years. This could be a great opportunity for non-UK banks fom around the globe to buy into the banking market in Britain.

The Treasury has made it clear that the best possible price will be required for any assets that are sold; as yet no deadline has been annouced.

Any plans to split banks needs to be approved by the European competition commissioner. This was agreed last week for Northern Rock to be divided in two and confirmation has just been received that Lloyds and RBS will also be part of the shake up.

Most political parties in the UK have welcomed the need for more competition in the banking sector and also agreed that there should be no quick sale.