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MPs to vote on type of inquiry into Barclays rate-rigging scandal


July 5, 2012 - London

The Members of Parliament will vote to decide on the type of inquiry to be held in the Barclays Bank rate-rigging scandal. The options available to them are a judge-led inquiry and a parliamentary inquiry among others. While the ministers are favoring the parliamentary inquiry, the opposition party members are insisting on a judge-led inquiry. The voting will begin after a short debate at 13:15 BST.

The former Chief Executive of Barclays Bob Diamond appeared before a committee of MPs yesterday. Barclays were also fined 290m last week for attempting to rig key interest rates. This is followed by the resignation of Bob Diamond on Tuesday.

While Prime Minister David Cameron wants a single parliamentary inquiry for the most 'swift and decisive' course of action, Ed Miliband of the Labour party said that a 'forensic' judicial probe is necessary into the culture of banking.

Andhra News

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