Banking Industry Crisis

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09 Jul 2012

The scandal of the Barclays LIBOR affair (where bankers manipulated inter-bank lending rates for their own gain) has revealed the scale of the crisis in the banking industry. People in the Rother Valley are right to expect tough action and penalties for those involved.

Unfortunately the Government will not convince us that a narrow parliamentary inquiry, limited in scope, is better than a full independent judge-led inquiry. There are many wider questions, from mis-selling to small businesses to the wider culture and practice of the banking industry, which are outside the scope of the narrow parliamentary inquiry established by the Government.

That is why while my colleagues and I have said we will co-operate with the inquiry that has now been voted on by Parliament, we will continue to make the case for a full, open judge-led public inquiry.

This is the only way to respond to the public’s anger, get to the bottom of what has happened and put things right for the future.