Labour’s fut coins Shadow Business Secretary Chuka Umunna earlier admitted the move could affect shares in the short term but said The reason we’re doing this is so we can grow our small businesses.
During his speech at the University of London yesterday, Mr Miliband promised a “reckoning” with the big banks and vowed to put a cap on their share of business lending currently at and personal accounts. He also backed the European Union’s cap on banker bonuses, which the Tories have opposed.
Prime Minister David Cameron still insisted the current banking system was “much stronger than the mess we inherited from Labour”.