The Labour leader Ed Miliband will make a speech at 10:30am about how to reform banking in the UK following the Libor rate-rigging scandal. Here are his main proposals:
- Culture shift from "casino" banking to "stewardship" banking
- Creation of two "challenger" banks to break up dominance of the 'Big Five'
- 'Big Five' to sell off a further 1,000 branches to competitors
- A 'code of conduct' for bankers, as there is with doctors
- A cap to limit bankers' bonuses to the same amount as their annual salary