Lord Johnson of Marylebone
Main Page: Lord Johnson of Marylebone (Conservative - Life peer)Department Debates - View all Lord Johnson of Marylebone's debates with the HM Treasury
(12 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
I can confirm to the hon. Gentleman that the Committee will not be restricted in any way. It will call whomever it wants. I suggested—but this, of course, will be a matter for the House—that it should call people to give evidence under oath. [Interruption.] As we are getting a question from an Opposition Front Bencher, let me say that the Committee will also be able to call former Government Ministers.
Joseph Johnson (Orpington) (Con)
The shadow Chancellor seemed to suggest that the Chancellor was passing the buck to the Bank of England, and that the Bank was somehow conniving in LIBOR lying. Will the Chancellor confirm that the Financial Services Authority, in its investigation, found no evidence to suggest that the Bank of England at any point encouraged banks to low-ball their LIBOR rate?
Mr Osborne
The FSA’s report is very clear about the interaction between the Bank of England and Barclays. Paragraph 176 says:
“No instruction for Barclays to lower its LIBOR submissions was given”
during the telephone conversation that caused the press interest.