Ed Miliband: We want a healthy Co-op bank

Labour leader Ed Miliband speaks to ITV News over Co-op's shake-up. Credit: Pool

The Co-operative Bank should make its own decisions over its own affairs, the Labour leader has said following a vote in favour of major reforms that could see the group's eight million members given powers to hold the board to account for the performance of the business.

Speaking during his campaign for the upcoming local and European elections, Ed Miliband said: "Clearly we want a healthy banking system including a healthy Co-op bank but these issues are a matter for the shareholders and the people who run the Co-op".

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Co-op members vote in favour of radical reforms

Co-operative members have unanimously voted in favour of Lord Myners' far-reaching reforms at a special meeting today.