Labour conference: Miliband threat to break up banks

Labour leader Ed Miliband has said that if banks do not separate their retail and investment arms, a future Labour government will "break them up".

"The infection of retail banking by the culture of casino banking" had to be tackled, Mr Miliband said, as the party met for its conference in Manchester.

The Treasury said it was "undertaking radical reform" of the banking system.

Iain Watson reports.