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
Leaseholds on new-build houses could be banned outright under proposals to stamp out abuses of the system.
Angry protesters have demonstrated outside a police station following the death of a black man who died following a chase.
A heartbroken young mum has issued a poignant plea for a missing teddy bear which plays out the voice of her dead son.