Professional Standards in the Banking Industry

Nicholas Dakin Excerpts

Thursday 5th July 2012 Commons Chamber

[Mr Osborne]

I was not using the Wheatley review as a reason not to have a public or parliamentary inquiry. I was merely explaining the review for the people out there who care what the Government are doing to regulate the financial markets and who want to hear what we are doing urgently to deal with the transparency and integrity of the LIBOR market.

[Nic Dakin (Scunthorpe) (Lab)]

What does the Chancellor have to fear from a judge-led inquiry?

[Mr Osborne]

I was about to explain that a judge-led inquiry would not allow us to amend the law to deal with those problems in this Parliament. That is what I fear from a judge-led inquiry. It simply would not enable us to come to the kind of decisions we need to make in this Parliament. I shall set out exactly why later in my speech.