The financial sector cannot be trusted to self regulate. Fines have proved ineffective and have not changed the culture in the banking industry.
We are therefore extending the law to, for the first time, impose tough EU wide criminal sanctions and jail time.
It will cover all benchmarks and indices as the Libor manipulation shows that abuse is still rife in the banking sector.
More top news
Two pilots have been arrested on suspicion of being under the influence of alcohol as they prepared to fly from Scotland to the New York.
Two teenagers have been arrested on suspicion of drugs offences following the death of a 17-year-old youth who collapsed at Leeds Festival.
Theresa May will gather Cabinet ministers together on Wednesday to discuss her plans for Brexit.