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Banks cut 5,500 branches across Europe in 2012

Wochit 1:05 mins

Banks cut 5,500 branches across the European Union last year, 2.5 percent of the total, leaving the region with 20,000 fewer outlets than it had when the financial industry was plunged into crisis in 2008. Britain's opposition Labour party is to accuse supermarket giant Tesco and clothing retailer Next of turning away British workers where possible to exploit cheaper migrant labour. Business Secretary Vince Cable said in an interview that Britain's largely state-owned Royal Bank of Scotland is unlikely to be reprivatized before 2018, Cable said"I don't think it would be sensible for the government to set a rigid timetable, but given where we start from, I think it is pretty unrealistic to think of RBS going back into private ownership this parliament or probably within five years," .

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