British Labour leader vows to break up banks
LONDON (AFP) - Britain's opposition Labour leader Ed Miliband vowed to break-up the country's biggest banks if his party came to power at the next general election, in an interview with a Sunday newspaper.
Mr Miliband, whose party enjoys a 10-point lead in the latest polls, told the Observer newspaper that he would split the banks' "casino" investment operations from their high-street arms.
"Either they can do it themselves, which frankly is not what has happened over the past year, or the next Labour government will, by law, break up retail and investment banks," he warned.
Speaking ahead of the party's annual conference, set to open in Manchester on Sunday, Mr Miliband urged banks to focus less on "playing the international money markets" and more on lending to small businesses.