Liberal Democrat Leader Nick Clegg today demanded changes to the law following the Supreme Court’s ruling on bank charges.

In a speech this afternoon on the future of retail banking at the Marketforce and IEA’s annual conference in London, Nick Clegg will say:

“The Supreme Court’s decision on bank charges this morning will be a bitter blow to the millions of people who’ve had to pay extortionate fees to their banks just because a cheque has bounced or they’ve unintentionally gone overdrawn.

“Regardless of the legal position, it simply isn’t right that someone on a low income should pay £25 or more to their bank just because they’re overdrawn by a pound or two.

“It is absolutely outrageous that one third of all profits banks make on their current accounts comes from unauthorised overdraft charges.

“The only way to protect millions of customers from being ripped off by their banks is to now change the law.”