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PoliticsHome | Only the latest five entries on the PhiWire are visible to non-subscribers
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Miliband calls for 'one nation' banking
Ed Miliband has urged bankers to "embrace change" and said that Britain needs banks that serve the "real economy".
At a speech in London, the Labour leader set out his vision for "one nation banking" in the wake of recent uproar over bonuses and the stripping of Fred Goodwin's knighthood. Mr Miliband also announced that Labour would seek a vote on bonuses in the Commons next week.
He said: "We need a banking system that serves a more responsible capitalism, working for the majority of people and enabling us to pay our way in the world. Everyone can agree that the kind of tug-of-war we have seen in the past fortnight over bonuses is bad for the reputation of the banking sector."
Mr Miliband's comments come as the chairman of RBS has admitted that pay in the banking sector has been "high for too long".
Speaking to BBC Radio 4's Today programme this morning, Sir Philip Hampton also said the pressure on Stephen Hester over his bonus was "an extra challenge to an already very challenging job".
British banking giant Barclays has announced that it is cutting pay and bonuses for 24,000 of its Barclays Capital employees by up to one third.
Green Box: Miliband calls for 'one nation' bankingClick to open
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