Miliband calls for criminal investigation into Barclays

"This cannot be a slap on the wrist," says Labour leader.

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."

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.

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Tory Brexiter Daniel Hannan: Leave campaign never promised "radical decline" in immigration

The voters might not agree...

BBC Newsnight on Twitter

It was the Leave campaign's pledge to reduce EU immigration that won it the referendum. But Daniel Hannan struck a rather different tone on last night's Newsnight. "It means free movement of labour," the Conservative MEP said of the post-Brexit model he envisaged. An exasperated Evan Davis replied: “I’m sorry we’ve just been through three months of agony on the issue of immigration. The public have been led to believe that what they have voted for is an end to free movement." 

Hannan protested that EU migrants would lose "legal entitlements to live in other countries, to vote in other countries and to claim welfare and to have the same university tuition". But Davis wasn't backing down. "Why didn't you say this in the campaign? Why didn't you say in the campaign that you were wanting a scheme where we have free movement of labour? Come on, that's completely at odds with what the public think they have just voted for." 

Hannan concluded: "We never said there was going to be some radical decline ... we want a measure of control". Your Mole suspects many voters assumed otherwise. If immigration is barely changed, Hannan and others will soon be burned by the very fires they stoked. 

I'm a mole, innit.