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Labour's Ed Miliband wants 'full inquiry' into UK banks

30 June 2012 Last updated at 15:11 BST

Labour Leader Ed Miliband has called for a "full, open and independent inquiry" into the British banking system.

In a speech to the Fabian Society, Mr Miliband said bankers needed to operate within a binding code of conduct and that it should be easier to prosecute those who misbehaved.

The government has ordered a review into the fixing of inter-bank interest rates, which will start next week and report by the end of the summer.

It comes after Barclays was fined for making false submissions about the rate. However, Mr Miliband said the government needs to do more.