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
Prince Harry has paid tribute to his mother, Princess Diana, and his nanny by naming buildings at a new African charity centre after them.
Strike action by doctors does not create a greater risk of patients dying, a new study has found.
A similar split set up to today