Nick Clegg and Vince Cable set out radical banking reforms

This morning the Liberal Democrats have set out their plans to reform the banking industry.

They include:

• Breaking up the banks and a Banking Levy
• Getting the banks lending
• Local Enterprise Funds
• Regional Stock Exchanges
• Supporting mutuals

Full details on the Liberal Democrats website.

Nick Clegg says:

“At the heart of our plans for economic change is a simple insight: we need to devolve and disperse economic power, particularly in the banking sector.

“Most people, except perhaps Gordon Brown, now recognise that too much centralisation in politics has led to wasteful bureaucratic public services and a command-and-control state that leeches power away from people.

“I believe the same analysis can be made of our economy."