UK opposition leader threatens to break up banks
LONDON (AP) — British opposition leader Ed Miliband has threatened to forcibly split the U.K.'s biggest banks if his party comes to power.
The Labour Party leader said that 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 Sunday that 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."