Following the vote just now, there will be a parliamentary inquiry into the Libor scandal. Andrew Tyrie, chairman of the Treasury select committee, will chair it because Ed Balls has agreed that Labour will participate in it as long as it concerns about membership and the secretariat are addressed; presumably, this means that Labour will argue that as it is a joint committee of both House there should be no government majority on it.
The debate, though, has left an atmosphere of acrimony behind. It was noticeable that during the vote, Ed Balls walked past George Osborne who appeared to be trying to engage him in conversation. Also when Nicola Blackwood, one of the most promising members of the 2010 intake, walked into the chamber holding a copy of this week’s Spectator — which contains the Osborne interview, various Labour backbenchers scowled at her.
Labour intend to carry on pushing for a full judicial inquiry. This will put particular pressure on the parliamentary inquiry to be robust in its questioning.Tags: Banking crisis, Banks, Ed Balls, George Osborne, UK politics