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Labour's 'banking revolution'

Labour leader Ed Miliband has called for a major overhaul in the banking sector. Miliband called for an increase in the power of the Serious Fraud Office and an end to 'light touch' regulation.

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Ed Miliband's blueprint for better banking

The Labour leader Ed Miliband will make a speech at 10:30am about how to reform banking in the UK following the Libor rate-rigging scandal. Here are his main proposals:

  • Culture shift from "casino" banking to "stewardship" banking
  • Creation of two "challenger" banks to break up dominance of the 'Big Five'
  • 'Big Five' to sell off a further 1,000 branches to competitors
  • A 'code of conduct' for bankers, as there is with doctors
  • A cap to limit bankers' bonuses to the same amount as their annual salary

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