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
Leicester failed to secure the three points they needed to secure the title in a pulsating clash at Old Trafford
A freight train carrying hazardous material has derailed near a busy metro station, spilling chemicals onto the tracks.
A man (87) and woman (78) were trapped off the A46 in Gloucestershire overnight - the car was eventually spotted by a passing driver.