David Cameron announces banking inquiry

3 July 2012

An inquiry is to be launched into the UK banking industry after it was hit by a series of scandals.

Speaking in parliament, David Cameron announced it would have a wide-ranging remit and is to be headed up by both MPs and Lords.

A smaller separate review is also going to look into the Libor fiasco after it emerged employees at Barclays were manipulating the interbank lending rate for four years from 2005.

"This committee will be able to take evidence under oath, it will have full access to papers and officials and ministers including ministers and special advisers from the last government," Mr Cameron observed.

The prime minister went on to note any bankers found to have acted inappropriately should be punished.

Andrew Tyrie, the chairman of the Treasury select committee, is going to head up the inquiry and he will be looking at that standards and cultures that exist at corporate banks in the UK.

Posted by Gary Cooper

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