First, it relies too much on debt-fuelled consumption, and not enough on business investment and exports. Second, the UK has stark geographical imbalances. This report explores whether local banking might help address either or both of these two problems: helping facilitate business investment and generate growth around the country. This report also examines whether local banks might help create local economies more resilient to shocks. The fundamental argument of the report is that while measures to produce greater competition in the banking system are welcome, the UK needs different types of banks, not just more banks.