A future Labour government would increase the tax burden on banks and major finance firms to fund its most progressive policies, as well as reforming takeover rules and reintroducing the bonus tax, according to its newly-published election manifesto.

With the UK election set for May 7, Labour leader Ed Miliband on Monday morning launched the party's manifesto in Manchester, insisting that his government would be pro-business and reiterating support for Britain staying in the European Union.