Economic Growth

Debate between Ed Balls and Bernard Jenkin

Wednesday 15th May 2013 Commons Chamber

[Ed Balls]

My hon. Friend is entirely right. The problem is that the Prime Minister no longer knows whether to agree, disagree, or sit on the fence on that question, which is why we are in such a mess.

[Mr Bernard Jenkin (Harwich and North Essex) (Con)]

The right hon. Gentleman has seen the Prime Minister’s draft Bill. If it became an Act of Parliament requiring a future Government to move an order to set a date for a referendum before 2017, would he do so?

[Ed Balls]

I have just explained that we do not support the idea of legislating now for a referendum four years ahead, for precisely the reasons that the Engineering Employers Federation, London First and Lord Heseltine have set out and I have set out in our amendment, as have my colleagues. I think that it would destabilise investment and jobs.

Professional Standards in the Banking Industry

Debate between Ed Balls and Bernard Jenkin

Thursday 5th July 2012 Commons Chamber

[Ed Balls]

I understand the points made by Members on both sides of the House.

Before I summarise, let me say to the Attorney-General that I have tried to listen very carefully to his contributions. There have been many of them, all have been helpful and constructive and they have helped us to understand the challenges that we face rather better than we had done on the basis of the Chancellor’s contributions in recent days.

Let me say also that, if at any point I misrepresent the right hon. and learned Gentleman, I will always in an honourable way correct the record in this House—not, as we now know, a standard of behaviour that we can expect from the Chancellor in this House.

To summarise, the argument goes as follows. Point one is that the Attorney-General does not believe that it is possible to have a proper, thorough investigation into all the details of the LIBOR market by the end of the year. I understand that; I hear his argument. Our argument is that a judge-led inquiry gives us a better chance of having an investigation into something legally sensitive than a parliamentary inquiry. If one is true and two is true, that means that the Government’s proposal for a parliamentary inquiry by the end of this year is defunct—dead, torpedoed, gone.

That is why, rather than intervening again, the Attorney-General should speak to the Chancellor, call the Prime Minister—wherever he is—and say that they should withdraw these motions, get to the drawing board and come back with a plan that is baked rather than half baked. [Hon. Members: “Plan B!”] Plan B.

[Mr Bernard Jenkin (Harwich and North Essex) (Con)]

A few moments ago, the right hon. Gentleman said that even if the House votes for establishing a Joint Committee, Her Majesty’s official Opposition will continue to press for a judicial inquiry. Will he clarify that? Does that mean that he will be discouraging Members from the Labour party, be they in either House, from co-operating with and taking part in a Joint Committee? Is he going to wreck it?

[Ed Balls]

I was going to come to the votes at this point. I have said that we will vote for our motion. I have said that if that fails, we will continue to press for a full public inquiry because we think that that is the only way to do this properly. The Attorney-General probably agrees with us on that matter now.

Tonight, the Leader of the Opposition and I will vote against the Government’s proposal for a limited parliamentary inquiry, for the reasons I have set out, as currently proposed. On the basis of the contributions we have now heard from the Government Front Bench, the inquiry is not even remotely up to the task ahead.

In answer to the question, put by the hon. Member for Harwich and North Essex (Mr Jenkin), about what we would do if we lost the second motion, on the basis of the debate so far and the Attorney-General’s comments, I say to all Members of the House, including the Liberal Democrats, that they should think hard, do the right thing, ignore the Whips and vote for the inquiry that will work.

[Mr Jenkin]

rose—

[Ed Balls]

I am not going to give way because I have answered the hon. Gentleman’s question. [Hon. Members: “No!”] I have.

We want to win this vote for the British people. Set against the depths of malpractice that have now been revealed and the scale of the challenge that we face, our strong belief is that the Government’s decision to reject our call for an independent and judge-led public inquiry is a grave mistake. Only an independent and open public inquiry—not politicians investigating bankers—can rebuild trust. That is our view, and the view of many Opposition Members. The doubters have been persuaded by the Attorney-General. Members on the Government Benches should change their mind—withdraw the motion, do the right thing and let us sort this out once and for all.