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.
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In other words, the Prime Minister will say that leaving the EU would not lead to a single EU law being abolished instantly.
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