April, 20, 2010

Liberal Democrat leader Nick Clegg has outlined his plans to reform the banking industry and create a "completely different ecology of banking" at the start of day 15 of the election campaign.He used his daily news conference to outline Lib Dem plans to split up banks, to separate low-risk deposit taking banking from high risk investment banking, and set a new ten per cent levy on bank profits.He pitched his party against the Tories and Labour saying the Tories were the "party choice of bankers" and Labour has been "asleep at the wheel" when the financial crisis unfolded.

He said: "We will create a totally different financial system; a completely different ecology of banking. More mutuals; a Post Office Bank; credit unions; Regional Stock Exchanges; Local Enterprise Funds to attract venture capital into small businesses."And for the banks: fundamental change. We will break them up and break them down."Mr Clegg promised to "re-root" banks in the communities they serve by making them smaller and used imagery of organic growth to explain his party's thinking.

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