Politics 28 June 2012 Miliband calls for criminal investigation into Barclays "This cannot be a slap on the wrist," says Labour leader. Sign up for our weekly email * Print HTML As I predicted he would, Ed Miliband has used his speech to Unite's conference to call for a criminal investigation into Barclays over its manipulation of interest rates. Here's the key quote: [T]his cannot be about a slap on the wrist, a fine and the foregoing of bonuses. To believe that is the end of the matter would be totally wrong. When ordinary people break the law, they face charges, prosecution and punishment. We need to know who knew what when, and criminal prosecutions should follow against those who broke the law. The same should happen here. The public who are paying the price for bankers’ irresponsibility will expect nothing less. In response, Conservative MP Matthew Hancock, George Osborne's representative on earth, has accused Miliband of "jumping on the bandwagon", suggesting that Labour should apologise for its failure to regulate the City properly. We can expect Osborne to take a similar line when he delivers his Commons statement on Barclays at 12:15pm. Elsewhere, Boris Johnson, who rarely misses an opportunity to burnish his populist credentials, has told BBC News that what happened Barclays was "almost certainly criminal" and that "there needs to be a proper investigation." › In the Critics this week Labour leader Ed Miliband said a "slap on the wrist" was not enough for Barclays. Photograph: Getty Images. George Eaton is political editor of the New Statesman. Subscribe from just £1 per issue More Related articles Don't bet on James Brokenshire saving devolution in Northern Ireland Article 50 deadline: Nick Clegg urges Remainers to "defy Brexit bullies and speak up" Nick Clegg: Theresa May should free "the inner Remainer struggling within her soul"