Yvette Cooper vows to halt 'private police' Labour's bid to march onto traditional Tory territory will continue today when Yvette Cooper vows to defend the founding principles of the police against creeping privatisation. The shadow home secretary will declare that the Tories have forfeited their claim to be the "party of law and order" and paint Labour as the heirs of ex-Conservative PM and father of modern policing Robert Peel. Her speech comes a day after Opposition leader Ed Miliband made a bold bid to wrest the "One Nation" mantle of another former Conservative premier Benjamin Disraeli. And she will promise new legislation to ensure those guilty of financial wrongdoing - such as the bankers responsible for the Libor rate-rigging scandal - face criminal prosecution. Making the day's keynote speech to the party's annual conference in Manchester, she will hit out at the "double standards" of ordinary voters facing court over unpaid TV licences while people who defrauded millions got off "scot free." A hard-hitting review by financial watchdog chief Martin Wheatley last week put forward reforms that would see unscrupulous bankers face criminal prosecution in a bid to prevent a repeat of the "shocking behaviour" over Libor. With the banking sector under fire over a series of mis-selling scandals as well, Ms Cooper will pledge to introduce an Economic Crime Act to ensure action and protect small investors. "People were fiddling figures to get rich, while small businesses paid the price," she will say of the rate-fixing. Yet no one has been arrested. The experts say it can't even be treated as a crime offence. The police and the SFO (Serious Fraud Office) don't even seem to know where to start. In the United States they have seen 800 prosecutions for serious fraud since 2011. Here in the UK the SFO pursued just 20. If someone doesn't pay their TV licence they'll end up in court. But defraud millions of pensioners or small businesses and you can get off scot free. We need an end to the double standards. We need a new Economic Crime Act. People need to be able to invest with confidence knowing everyone is playing by the same fair rules. She will also accuse the Government of seeking to privatise "huge swathes" of police operations despite the failure of security firm G4S to provide the Olympic staff it promised - forcing the police and military to step in. "Labour Police and Crime Commissioners will halt this Tory rush to privatisation of our police," she will say, ahead of elections to the new posts next month. Tory ministers want huge swathes of policing handed over to private companies. Nothing ruled out. Contract tenders which include neighbourhood patrols, detective investigations and more. Pushing forces to sign up to massive contracts with a single organisation where value for money is at risk. Have they learned nothing from the Olympics? While there was a role for the private sector in some area, the public needed to know key decisions were being made "in the interests of the community not just the terms of the contract," she will say. Policing in the interests of justice not just the corporate balance sheet. That means tough tests must apply on value for money, on resilience and security, on transparency and accountability and, most of all, on public trust. Let's be blunt. We don't want private companies patrolling the public streets of Britain. We want police officers and PCSOs policing our communities - not private companies putting them under guard. The Conservatives hit back at Ms Cooper's remarks on banking. A Tory spokesman said: "Labour's hypocrisy is extraordinary. It's the very rules Labour created which prevent the police prosecuting bankers fiddling figures at the expense of small businesses. Labour had 13 years to stop this manipulation that occurred on their watch - but failed to do so. Instead of political posturing, what we need to hear from Labour this week is an apology. David Cameron invoked Peel during the general election campaign, comparing his Big Society proposals with the 1834 Tamworth Manifesto which set the blueprint for the modern Conservative Party.