There are, though partisans don’t want to admit it, problems with both a judicial inquiry and a parliamentary inquiry into the Libor scandal and the wider culture it has revealed. A judicial inquiry would drag on and, judging by the Leveson Inquiry, there’s no guarantee that the judge would understand the industry he’s meant to be examining. But, as yesterday demonstrated, the standard of questioning at any parliamentary inquiry is going to be patchy.
John Thurso, a Lib Dem member of the Treasury select committee and one of the most respected MPs, has been out floating a compromise solution. His idea is that the Joint Committee should have the power to take on QCs. Then, the MPs could allow the QC to do the questing, as Leveson does, and then just follow up on points of interest.
This is a sensible compromise and is rapidly picking up support. Cameron or Miliband would be sensible to adopt it. For it will reflect badly on both of them, if there ends up being no agreement on the inquiry question.