Time to break up the banks

Judging by the Today programme this morning, we may be moving into a different phase of the financial crisis. The opportunities for serious reform of the system may slowly be slipping away, and I’m frustrated that the party is still peddling what seems to me to be the wrong position on the banks.

Yes, we are calling for a UK version of the Glass-Steagall Act, separating investment banking from high street banking. That seems to be a bare minimum.

But the basic proposal is that we should use the