Parliamentary Commission on Banking Standards

Angela Eagle Excerpts

Monday 16th July 2012 Commons Chamber

[Ms Angela Eagle (Wallasey) (Lab)]

Like the Leader of the House, I do not wish to repeat the debate that we had on 5 July. We are in slightly calmer waters, we hope. In that debate, all parties on this side of the House felt that we needed a judge-led inquiry into the LIBOR scandal and wider issues in the banking industry. We did not win the vote so, despite our reservations, we decided to co-operate with the inquiry led by the hon. Member for Chichester (Mr Tyrie). I am grateful to the Leader of the House for his admission that the success of the Commission relies on the Opposition’s support. That gets us off on a better foot than might have been the case.

There are some novel elements to the motion, as the Leader of the House pointed out, not least the sub-committees of one. We will look with interest to see how that works in a Commission of the size that is proposed, especially given that it is a joint Commission with the other place.

I am particularly pleased with the assurances that the resources that are needed will not be taken out of House of Commons resources for other Select Committees. I wonder whether the Leader of the House has a view on what amount of resources might be used and whether we will be kept informed as the process goes on. The Opposition are keen that the ongoing work of the Treasury Committee, the primary job of which is to hold the Government to account, must not be badly affected by its members, not least its Chairman, being engaged in other important work, which may have a tendency to take them away from their day job. We will obviously keep a keen eye on the situation, to ensure that the Treasury Committee’s work of holding the Government to account does not suffer as a result of the other duties that the hon. Member for Chichester and other members of the Committee who are to sit on the Commission will take on.

Having emphasised once again our belief that we needed a judge-led inquiry, the Opposition are happy, given that the vote on that was lost, to co-operate with the hon. Gentleman’s inquiry, and we will watch its progress with interest. If the House divides this evening, we will join the Leader of the House in the Lobby.