By Claire West

Liberal Democrats have backed a policy motion calling for a sea change in the UK’s banking industry, following recent high-profile scandals to help restore public trust in the sector and to boost growth.

Commenting, Liberal Democrat Treasury spokesperson, Stephen Williams said:

“The Libor manipulation scandal was just another example of what has gone wrong in our nation’s banking industry. Public trust has been damaged and we now need to punish those guilty of wrongdoing in the Libor scandal.

“We need to see a fundamental culture shift in our banking sector to improve standards and boost lending for businesses. Vince Cable has led the way on restoring trust and vitality in the banking industry with the British Business Bank, which along with the Funding for Lending scheme will stimulate lending, drive growth and get our economy moving.”