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Miliband calls for criminal investigation into Barclays

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

By George Eaton Published 28 June 2012 10:41

Labour Party leader Ed Miliband spoke on Barclays. Photograph: Getty Images.

Labour leader Ed Miliband said a "slap on the wrist" was not enough for Barclays. Photograph: Getty Images.

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."

Tags: Barclays Ed Miliband Labour

More from George Eaton

View the discussion thread.

15 comments

Thu, 2012-07-19 13:52 — Goji (not verified)

Nice article..... interesting.
Goji Goji fructe goji

Sun, 2012-07-01 10:26 — Indu Pendent

Bankers - greed individuals who act in their own interests to the detrimine of society.

Should we also have a criminal investigation into Unites maniputlation of its members pay rates?

Sun, 2012-07-01 10:26 — Indu Pendent

Bankers - greed individuals who act in their own interests to the detrimine of society.

Should we also have a criminal investigation into Unites maniputlation of its members pay rates?

Sat, 2012-06-30 16:16 — Mr Humanus Wright (not verified)

Quote of the Day - Regarding Gareth Williams, “The world was ours for the taking.”. There's a rumour going around that Gareth may of had some sort of a last covert mission with 'Dolly the Sheep', prior to his demise, but it hasn't been fully substantiated! Apparently Alex Chapman didn't know about this covert relationship, but he may have Saw(ers) alot! Ronan Summers definitely didn't have anything to do with it, even though he loves to drink Tenets! We all love Wiltshire (Porton Down) more than Gloucestershire (GCHQ), even more so then Worcestershire (RSRE). Military Radiations Signals Intelligence always use to do 'his head in', especially when using ELF or VLF frequencies, impacting directly on the 'Neural Oscillations' of the Central Nervous System. But taking a 'Nano-Medicine' Paracetamol takes the head to a new level of game play, I'll assure you of that! Nothing to do with BCI, RNM, Synthetic Telepathy ... that would REALLY BE MAD!!! An odd thought shared ... the illegal "watching over" in our individual 'castles' of this beloved Britannia, while entertaining Babar Pappa.

Sat, 2012-06-30 13:05 — Eddy S (not verified)

Can we also have a criminal investigation into MP's expenses. I used to catch the train back from LONDON TO BIRMINGHAM every Thursday with Jacquie Smith former home secretary and her crew, they used to go through there new kitchens they were going to buy on MP's expenses. If they don't order an enquiry into that then they really all ate hypocrites!

Fri, 2012-06-29 06:35 — Tony Montana (not verified)

Dear reader
The attack on barclays bank by tories a slap on the wrist compaired to the attack on unemployed,disabled,old and working class there only defence is to blame last labour government.
Progress report june 2012 so far they have s.....t on the unemployed with there nazi comments. f......t the hospitals up, cut police numbers and done nothing to bring news corp and barclays to justice, made a lot of local authorities non accountable. Tories your days are numbered before you have to deal with another riot this year ask the metropolitan police to get out of bed for unlimited overtime.

Thu, 2012-06-28 18:33 — Mike45 (not verified)

Fact is (notwthstanding this awful present government) that the New Labour party in government snuggled up to big money, big finance and the bankers and took such a hands off approach that it alllowed this kind of thing to go on.
It is a shame that nobody in the New Labour establishment acknowledges this and instead some Labour people seek to blame the current government. The current government is ghastly but New Labour has a lot to answer for.

Thu, 2012-06-28 12:21 — Des Demona (not verified)

In Barclay's what's the onus?
To grab your effing bonus.
Just leave your morals at the gate
And screw the effing Libor rate

Thu, 2012-06-28 11:12 — ClaireL (not verified)

In India, every woman was dubbed Kaur (princess) and men Singh (lion), to make them feel special and wanted, no doubt. Individuals call their offspring Princess, Jesus, Lord and Earl in order to give them importance, at least in their family's eyes. Some individuals call themselves Madonna or Lady or Prince to pump themselves up.
So we don't forget who we are, Milliband calls us "ordinary people"!

Thu, 2012-06-28 11:06 — redhead200 (not verified)

Poor Tories can't keep up. Somebody tell Hancock there is, was and always has been regulation against rigging the Libor rate!

It'll be interesting to see long the Tories are going to stick by their banker buddies as their criminality is revealed for all to see.

Thu, 2012-06-28 11:16 — Will Slater (not verified)

George Osborne is going to make a statement, how many times do you think he will blame Labour? Then sit on his hands and do nothing about it

Thu, 2012-06-28 11:03 — hugh markey (not verified)

Needs saying - "Moral bankruptcy" And repeating - "Moral bankruptcy'.
As Boris will know dodgy banking and tax dodging brought the Roman Empire to its knees.
Nothing homo-erotic about them there apples. Gibbon was just bitter and unfulfilled. And the Greek part of the Empire continued for almost half-a-century. You can't just blame the women - again. Poor Eve, Messalina, Cleo, the list is bloody endless. Perfect scapegoats.

Historical Perspective

Thu, 2012-06-28 11:02 — Earthling,unfortunately (not verified)

As usual, this government will sneeringly deflect any criticism that has been levelled at the monetary system. This strongly indicates that they are hand in fist with the banks, and are protecting them. Everyone should write to their MPs right away to demand an immediate enquiry into Barclays handling of interest rates.
So the £80 billion which the government announced last week will be distributed to the banks for low-interest rate lending, is in danger of becoming an albatross around anyone's neck who borrows any of it.

Thu, 2012-06-28 11:00 — Will Slater (not verified)

Matthew Hancock has already himself stated that bankers who do such things should face prosecution! So really, Hancock was already on the band wagon!

Plus I think he is after a ministerial job, constantly on the attack. Tis how the Tory Party works

Thu, 2012-06-28 10:55 — Des Demona (not verified)

Conservative MP Mathew Hancock accuses Milliband of jumping on the bandwaggon and implies it's Labours fault that greedy criminal bankers broke Chines walls and made millions?

Honestly, do these Tory MP's live on the same planet as us?