Labour remains sensitive about its track record on regulation

Ed Miliband has called for a return to a form of banking where banks actually look after small businesses and individual customers, rather than trying to sell them complicated financial products that leave them out of pocket.

Labour remains sensitive about its own track record on financial regulation. The Shadow Chancellor Ed Balls described my suggestion that the regulation was toothless as "claptrap".

But the public will probably agree with much of what was said, especially about bonuses and Bob Diamond keeping his.

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Labour's 'banking revolution'

Labour leader Ed Miliband has called for a major overhaul in the banking sector. Miliband called for an increase in the power of the Serious Fraud Office and an end to 'light touch' regulation.