Is Idea to Break Up Banks Milibands worst yet?

So Miliband has now come up with his latest anti-business idea and it really is the worst yet.

Firstly, you can't Ignore the fact that if Miliband did look at breaking up the banks it will lead to many years of legal battles as the people whose investments are affected will no doubt sue the government - and before you think "oh well it's just the rich" don't forget that the non-government parts of the banks are about 70% owned by pension funds, so the people affected are anyone with a pension.

There is also the issue that I am with my bank as I like my bank. I had an account I wasn't happy with so I changed my bank, now Miliband wants to decide for me that I should change again. I don't understand how he thinks it will help me as a consumer to remove my personal choice? He wants more competition but surely this is about helping people identify the best account for them, not forcing them to join a different bank regardless of what they want. Additionally if a bank excels themselves by being better than the rest then in a free market they will get more customers but under this system you surely no bank would try and give a better product than their peers as they will be broken up - Labour punishing success again?

Finally, Miliband thinks that this will increase competition but the simple fact is that the government don't increase competition, customers do, there are alternatives to the big banks and if people want to use them, they can. If people don't want to use them again that is up to them. If Labour want to increase competition they need to make it easier to run a bank not try and disable the banks that are already there. But then at the end of the day challenger banks will only come from customers who want to change. If my account is moved to a different bank I will simply close my account and move back again which may cause the bank to hit the government's cap again, I can only forsee a never ending cycle of bank changes for no other reason that Miliband decided that if he weakened the banks (and lost the country millions) then the coalition wouldn't be able to off load the shares labour bought. Once again making the people of the UK suffer for political greed, it's just the Labour way.