LIBOR (FSA Investigation)

Jason McCartney Excerpts

Monday 2nd July 2012 Commons Chamber

[Mr Osborne]

The Committee will be set up in the normal way.

[Jason McCartney (Colne Valley) (Con)]

Will the Chancellor once again confirm that progress is being made towards a more responsible banking system, with the separation of high street domestic banking and banks’ so-called casino operations?

[Mr Osborne]

My hon. Friend is right: we are proceeding with a change to the structure of British banking, in which we will ring-fence the retail banks from their investment banking arms. [Interruption.] There will be plenty of opportunity for Labour ex-Ministers such as the shadow Chancellor to appear before the Committee, if he is worried about that. We will introduce a Bill, which will go through Parliament next year. In answer to the point about a public inquiry, why spend three or four years before getting to legislation? Why do we not use the opportunity to get it right now, and amend the Bill that will be before Parliament?