LIBOR (FSA Investigation) Debate

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Department: HM Treasury

LIBOR (FSA Investigation)

Mark Pritchard Excerpts
Monday 2nd July 2012

(12 years, 5 months ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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I completely agree with the hon. Gentleman that confidence in the process of setting LIBOR has been damaged—of course—by these revelations. That is precisely why, if I may say to him, I want to get on with it: that is why I have asked Mr Wheatley to do his report in the next couple of months, not even by the end of the year—so that we have the opportunity in October of amending, just before it becomes law, the Financial Services Bill. The hon. Gentleman is an expert on public inquiries, and I am sure he will agree that a public inquiry would take years to get to that point. Let us get to that point this autumn.

Mark Pritchard Portrait Mark Pritchard (The Wrekin) (Con)
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I fully support greater transparency in banking and, in particular, punishing those who have done wrong, but can the Chancellor from the Dispatch Box today reassure my constituents who, as part of their pensions, hold shares in banks that the Government, or the inquiry, will take no action that unnecessarily undermines the value of those pensions?

George Osborne Portrait Mr Osborne
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We would not want to take actions that unnecessarily undermined the value of anything, so my hon. Friend has that assurance.