Ed Balls on the narrow banking inquiry


6:29 pm - July 5th 2012

by Sunny Hundal    


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This is the statement Ed Balls’ team have sent out after the creation of the parliamentary banking inquiry.

It was the point of order made in the House of Commons.

I still think they should have held out for a proper inquiry. But will see what Labour sources say before making up my mind.

Mr Deputy Speaker, on a point of order.

The Government has won its vote.

The Chair of the Treasury Select Committee will now chair a narrow inquiry, based on the remit he set out this afternoon.

We respect the Right Honourable Member and will work with him. But we have some concerns about the membership and secretariat of that committee which we hope that he will address.

However, Mr Deputy Speaker, this afternoon’s debate, and the devastating interventions of the Attorney-General, exposed serious questions about the scope of this inquiry.

And it is clear that there are a whole wider set of questions, from mis-selling to small businesses to the wider culture and practice of the banking industry, which are outside the scope of the inquiry set out by the Chair of the select committee and cannot be properly addressed by a parliamentary committee.

It is our view that the case for a full, open judge-led public inquiry is immeasurably stronger at the end of this afternoon. And we will continue to press that case.

The Prime Minister and the Chancellor have made a very grave error of judgement.

And any time any future scandals emerge, people will ask why are we not having the full independent inquiry that this country needs?

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About the author
Sunny Hundal is editor of LC. Also: on Twitter, at Pickled Politics and Guardian CIF.
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Reader comments


1. pagar

These are the weasel words of the man who, quite probably, was behind the instruction to the banks to fix the LIBOR rate to try to fend off financial meltdown.

And now he pretends to be outraged that the enquiry into the scandal is likely to be futile.

You have to admire his brass neck.

2. bluepillnation

@1

Any evidence for those accusations, or is this just Tory scuttlebutt?


Reactions: Twitter, blogs
  1. Liberal Conspiracy

    Ed Balls on the narrow banking inquiry http://t.co/rfiG7EHU

  2. Seren Fuller

    Ed Balls on the narrow banking inquiry http://t.co/rfiG7EHU

  3. Jason Brickley

    Ed Balls on the narrow banking inquiry http://t.co/j8BEPlQh

  4. Natacha Kennedy

    Ed Balls on the narrow banking inquiry http://t.co/rfiG7EHU

  5. BevR

    Ed Balls on the narrow banking inquiry | Liberal Conspiracy http://t.co/mRF3CST6 via @libcon

  6. Frances Hinde

    Ed Balls on the narrow banking inquiry | Liberal Conspiracy http://t.co/dzOuJgxj via @libcon





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