Today’s session of PMQs was unexpectedly boring. Amid another big banking scandal, with the future of the City at stake, somehow David Cameron and Ed Miliband got bogged down in a tedious discussion of what sort of inquiry there should be into what went on.
The Prime Minister is pursuing a parliamentary inquiry, which he wants to be led by Andrew Tyrie, the chairman of the Treasury Select Committee. Miliband wants a full Leveson-style judge-led inquiry.
Miliband obviously thinks he is onto something here, and that by getting ahead of the PM he can do what he did last year, when it looked like he had forced Cameron to set up the Leveson inquiry. And he said as much today: Read more
What are we looking for when Bob Diamond, the ousted Barclays boss, testifies in front of the Treasury Select Committee today? Here are a few things the committee members might like to ask:
* Diamond’s memo yesterday revealed details of his phone conversation in October 2008 with Paul Tucker, deputy head of the Bank of England. It appears to reinforce the idea that the Bank wanted Barclays to submit lower figures for Libor. MPs will ask the former Barclays CEO precisely what Tucker said and whether the memo is an entirely accurate transcript of Tucker’s words.
* MPs will ask whether Tucker told Diamond the identify of the powerful “Whitehall” figure or figures who supposedly wanted Barclays to lower its Libor submissions in line with other banks. The Tories have leapt on this, suggesting that it points towards Labour ministers and advisers of the time: but what if it was a Treasury mandarin? Read more