We need criminal prosecutions on Barclays - Ed Miliband

28 June 2012

ed milibandEd Miliband MP, Leader of the Labour Party, speaking to reporters in Brighton today said:

"People struggling to make ends meet will be outraged and disgusted by the way bankers have been walking off with millions of pounds for rigging the market.

"First, we need criminal prosecutions, we need the full force of the law brought against those who have done wrong, and if they are found guilty and if their offences warrant it, they should go to jail.

"Second, we need proper regulation of the market because the rules at the moment are clearly not being enforced or are not working. If they do not allow for criminal prosecutions, they should be changed so that can happen.

"Third, we need to end the swaggering casino culture in banking that makes them think their responsibility is not to serve the public but to serve themselves: they think they are too big to fail, too powerful to be challenged.

"So this must be a wake-up call to the industry, which told us banks had put their house in order.

"Bob Diamond has big and immediate questions to answer. We want to know what happened, what he knew and when he knew it. And how this was possibly allowed to happen on his watch.

"The public and Barclays shareholders will hold him to account for those answers. And we should hear them straightaway."