LIBOR (FSA Investigation) Debate

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Department: HM Treasury

LIBOR (FSA Investigation)

Sarah Wollaston 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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My hon. Friend the Member for Chichester (Mr Tyrie) is more than capable of demonstrating his independence, and I remind the House that thanks to the reforms of this Government he was elected to his post by the entire House of Commons.

Sarah Wollaston Portrait Dr Sarah Wollaston (Totnes) (Con)
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I have just received a heartbreaking letter from a 72-year-old pensioner who is being pursued through the courts for a disputed and modest tax claim. How can it be right that those telling lies for eye-popping sums are not ending up in court?

George Osborne Portrait Mr Osborne
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The Serious Fraud Office is independent of the Government, but it is pursuing every avenue to see whether it can bring criminal prosecutions in this case. This is, however, a matter for the SFO, which is going to come back to us by the end of the month to tell us whether it can do so, and it will have heard what the House has said today. We also want to ensure that in future the regulators have the criminal sanctions that they need, and that is why we seek these investigations to change the law now, rather than waiting four or five years to do so.