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.

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Vince Cable: Labour's banking proposals 'uncontroversial'

Business Secretary Vince Cable Credit: Stefan Rousseau/PA Wire

The Business Secretary Vince Cable has described the proposals that Ed Miliband is expected to make in a speech on banking as "uncontroversial".

"We know that there’s a lot more has to be done, and a key part of it – as Mr Miliband has been saying – is getting in more competition," he told Sky News.

He said there is already more competition in the banking sector: "Lloyds have sold off branches to the Co-op, Nationwide are getting into business lending, you’ve now got the Metro bank, Virgin Money, and we want to encourage more banks."

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