LIBOR (FSA Investigation)

Baroness Stuart of Edgbaston Excerpts

Monday 2nd July 2012 Commons Chamber

[Mr Osborne]

Parliamentary Committees have a whole set of powers available to them. Ultimately, as I understand it—the Parliamentary Secretary to the Treasury might correct me if I am wrong—the House itself can call witnesses to Parliament through a vote. That power is available to us—[Interruption.] That is absolutely the case. [Interruption.] What I find astonishing is Opposition Front Benchers’ lack of confidence in Parliament—in the House of Commons, in the House of Lords—to do this job. Looking at how they treated Parliament over 13 years, perhaps that is not surprising. I have confidence in Members from both sides of the House to do the job being asked of them.

[Ms Gisela Stuart (Birmingham, Edgbaston) (Lab)]

Interest rate swaps have been mis-sold. They are complex derivatives. Does the Chancellor still think it right that they are inside the retail banking ring fence?

[Mr Osborne]

We are not proposing to put complex derivative products inside the retail ring fence; that is not part of our proposals. As I say, we are coming forward with plans to implement the Vickers reforms and I hope that the hon. Lady welcomes that.