Miliband turns on the banks

Ed Miliband

New Labour leader Ed Miliband pledged a tax crackdown on the banks and a " responsibility" tax allowance for business in his first set piece address to the party's Manchester conference.

In his two references to new fiscal policy, he declared: "I say the people who caused the crisis and can afford to do more should do more: with a higher bank levy allowing us to do more to protect the services and entitlements on which families depend."

He said later: "We need a tax system for business that rewards responsibility," adding: "I say responsibility in this country shouldn't just be about what you can get away with."

Both policy statements lacked further detail, which may have to wait until after the election of the shadow cabinet next week, following which, Miliband will appoint one of the victors to the role of shadow chancellor.

There was speculation that if he stands, the next shadow chancellor could be brother David. But it seems increasingly likely the would-be leader will not stand.

Otherwise former front bencher Ed Balls, a close confidante of former Prime Minister Gordon Brown, has made it clear he would like the job.