Money & Banking

UK opposition leader threatens to break up banks

PTI London | Updated on October 01, 2012 Published on October 01, 2012

British Opposition leader Ed Miliband has threatened to forcibly split the UK’s biggest banks if his party comes to power.

The Labour Party leader said reforms recommended by a landmark review of Britain’s scandal-scarred finance industry are being watered down by the conservative Government.

Among the key elements in a review published last year by top economist John Vickers was the recommendation that banks clearly separate their more traditional, retail operations from their riskier investments, derided by critics as “casino banking.”

Miliband said today such a separation had yet to happen and warned that the Government would step in to split the operations by force.

Speaking before his party’s conference in Manchester, he said: “We need real separation, real culture change. Or we will legislate.”

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Published on October 01, 2012
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