Ed Balls
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Ed Balls: Banking report sets out blueprint

19 June 2013 Last updated at 01:23 BST

Senior bankers guilty of reckless misconduct should be jailed, a long-awaited report on banking commissioned by the government has recommended.

The Parliamentary Commission on Banking Standards was set up by Chancellor George Osborne last year after a number of scandals involving the industry.

The cross-party group's fifth report attacked the lack of accountability of bankers and also said some bonuses should be withheld for up to 10 years.

Ed Balls, the shadow chancellor, has welcomed the report.