Shadow Chancellor of the Exchequer, Ed Balls moved a debate in the House of Commons on Thursday 5 July on professional standards in the banking industry
The motion in the name of the Shadow Chancellor of the Exchequer stated that:
"the Government should commission an independent, forensic, judge-led public inquiry under the Inquiries Act 2005 into the culture and professional standards of the banking industry, to be completed within 12 months, to be paid for by the banks, and that any such inquiry should provide an interim report and recommendations, by the end of 2012, covering the lessons learnt from the scandal of manipulation of the LIBOR."
The motion was negatived on division (Ayes: 239, Noes: 320). Chancellor of the Exchequer, George Osborne responded to the debate on behalf of the Government. Watch and read the debate and the views expressed by MPs on Parliament TV and in Commons Hansard.
FSA investigation and Barclays Bank
The debate follows statements in the House of Commons on the FSA investigation into the manipulation of the LIBOR market on 28 June and 2 July 2012 and the House of Commons Treasury Select Committee evidence session with former Chief Executive of Barclays, Bob Diamond on 4 July 2012.