'Miliband told Labour annual conference in Manchester that banks should separate their retail and investment arms to prevent “the infection of retail banking by the culture of casino banking” or else a future Labour government will “break them up.”

Miliband said banks should focus on core functions including lending to small businesses rather than acting as “international money markets” so that their investment failures do not affect their ordinary customers.

Miliband also echoed concerns by governor of Bank of England Mervyn King who said last month that the coalition government is watering down proposed reforms by Sir John Vickers to protect retail from investment banking under pressure from major bankers.'

Read more: UK Labour Threatens to Break up Banks