Debate on Thursday, 5 July 2012, in the House of Commons, led by Ed Balls.

Professional Standards in the Banking Industry

Debate on two motions on the culture and professional standards of the banking industry. Motion for a judge-led public inquiry negatived on division (320 to 239). Motion to establish a joint committee approved on division (330 to 226).

Secondary information

Type: Parliamentary proceeding
Reference: 547 cc1112-1175
Session: 2012-13
Department: Treasury
Chamber / Committee: House of Commons chamber
Proceeding contributions: Ed Balls | 547 c1112 (Link to this contribution)
I beg to move,
That, in the opinion of this House, the Government should commission an inde...; Nigel Evans | 547 c1112 (Link to this contribution)
With this it will be convenient to debate the following motion:
“That, in the opinion of th...; Ed Balls | 547 c1112 (Link to this contribution)
I rise to open this very important debate, and to support a motion that has been tabled in my nam...; 547 c1112 (Link to this contribution)
rose—; Ed Balls | 547 cc1112-3 (Link to this contribution)
I will give way in a moment.
That sense of outrage comes on top of a deep and wide public d...; 547 c1113 (Link to this contribution)
rose—; Ed Balls | 547 c1113 (Link to this contribution)
I will give way in a moment, when I have finished my introductory remarks.
The public right...; 547 c1113 (Link to this contribution)
rose—; Ed Balls | 547 c1113 (Link to this contribution)
I will give way in a moment.
We need a change not just in laws and practices, but in ethics...; James Morris | 547 c1113 (Link to this contribution)
Will the right hon. Gentleman cast his mind back to the time when he was the City Minister in the...; Ed Balls | 547 c1113 (Link to this contribution)
As the hon. Gentleman will know—because I said this yesterday—at no point at any time when I was ...; Nadhim Zahawi | 547 c1113 (Link to this contribution)
This is a very important point, which goes to the heart of the issue of trust. Can the right hon....; Ed Balls | 547 cc1113-4 (Link to this contribution)
Here we go again, Mr Deputy Speaker. The reason we advocate an open public inquiry, judge-led, is...; Nigel Evans | 547 c1114 (Link to this contribution)
Order. Please can we calm the debate? This is an important debate, and we do not need shouting ac...; Ed Balls | 547 c1114 (Link to this contribution)
The allegation made about me yesterday in The Spectator is utterly untrue. At no point did I have...; George Osborne | 547 c1114 (Link to this contribution)
In the last 48 hours we have discovered two things: first, there is the report commissioned by UB...; Ed Balls | 547 cc1114-5 (Link to this contribution)
The House and the public will judge the integrity of a Chancellor who cannot defend here what he ...; George Osborne | 547 c1115 (Link to this contribution)
The former chief executive of Barclays said this yesterday to the Treasury Committee. He said wha...; Ed Balls | 547 c1115 (Link to this contribution)
I am very sorry, but we cannot have a Chancellor of the Exchequer who behaves in this way. He mad...; 547 c1115 (Link to this contribution)
rose—; Ed Balls | 547 c1115 (Link to this contribution)
I am not going to give way to the Chancellor’s aides until the Chancellor himself puts up or shut...; Andrew Bridgen | 547 c1115 (Link to this contribution)
rose—; Ed Balls | 547 cc1115-6 (Link to this contribution)
I will not give way now.
The reality is that we must all admit that regulation should have ...; Gordon Banks | 547 c1116 (Link to this contribution)
Given all the banking scandals to which my right hon. Friend has alluded, how will the banks be a...; Ed Balls | 547 c1116 (Link to this contribution)
That is a very important point. Banks play a very important role in our economy. Hundreds of thou...; Penny Mordaunt | 547 c1116 (Link to this contribution)
The shadow Chancellor may know that a constituent of mine is a former Labour Treasury Minister wh...; Ed Balls | 547 c1117 (Link to this contribution)
We return to the smears of the Chancellor and his aides. We have had answers to that question fro...; Elizabeth Truss | 547 c1117 (Link to this contribution)
Does the right hon. Gentleman think it was a mistake to set up the tripartite regulatory structur...; Ed Balls | 547 c1117 (Link to this contribution)
When the Conservatives gave reasons in Parliament at the time for opposing the establishment of t...; Andrew Bridgen | 547 c1117 (Link to this contribution)
Will the right hon. Gentleman give way?; Ed Balls | 547 cc1117-8 (Link to this contribution)
I need to make some progress. This is a very important issue and others want to speak. I have tak...; 547 c1118 (Link to this contribution)
rose—; Ed Balls | 547 c1118 (Link to this contribution)
This is an important point, and Members should listen.; Andrew Bridgen | 547 c1118 (Link to this contribution)
rose—; Ed Balls | 547 c1118 (Link to this contribution)
I am not going to take an intervention from that hon. Gentleman.
While we need speed, we al...; Anna Soubry | 547 c1118 (Link to this contribution)
rose—; Ed Balls | 547 c1118 (Link to this contribution)
The hon. Lady should listen before she concludes whether to support our motion later on.
Fi...; Dominic Grieve | 547 c1118 (Link to this contribution)
Will the right hon. Gentleman give way?; Ed Balls | 547 c1118 (Link to this contribution)
I will make the point and then take the intervention.
First, all the recent experience of t...; Andrew Bridgen | 547 c1118 (Link to this contribution)
Will the right hon. Gentleman give way?; Ed Balls | 547 c1118 (Link to this contribution)
I am not going to take an intervention from the hon. Gentleman, who interrupts every sentence. It...; Nigel Evans | 547 c1119 (Link to this contribution)
Order. Just to help the debate, Mr Bridgen, save your energy. Mr Balls is not going to allow you ...; Dominic Grieve | 547 c1119 (Link to this contribution)
rose—; Ed Balls | 547 c1119 (Link to this contribution)
I will take the right hon. and learned Gentleman’s intervention, but I will make the point on pow...; Damian Collins | 547 c1119 (Link to this contribution)
Will the right hon. Gentleman give way?; Ed Balls | 547 c1119 (Link to this contribution)
No. I will take the intervention from the Attorney-General next, thank you.
The last time P...; Dominic Grieve | 547 c1119 (Link to this contribution)
I am very grateful to the right hon. Gentleman for giving way. I intervene on one key point. It i...; Ed Balls | 547 c1119 (Link to this contribution)
We know that this proposal was cobbled together over the course of Monday. I wonder whether the P...; Dominic Grieve | 547 c1119 (Link to this contribution)
rose—; Ed Balls | 547 c1119 (Link to this contribution)
In a second. I am still waiting for the Chancellor to make his intervention.
The second poi...; Chris Bryant | 547 c1120 (Link to this contribution)
Is not the whole point about having a judge-led inquiry that judges are perfectly used to circumv...; Ed Balls | 547 c1120 (Link to this contribution)
My hon. Friend is right, and I fear that the Attorney-General has just completely destroyed the b...; Dominic Grieve | 547 c1120 (Link to this contribution)
I am grateful to the right hon. Gentleman for giving way. So far as the Leveson inquiry is concer...; Ed Balls | 547 c1120 (Link to this contribution)
I hear the right hon. and learned Gentleman’s points and I only wish the Prime Minister would tal...; Pat McFadden | 547 c1120 (Link to this contribution)
Does my right hon. Friend agree that the legal advice that we seem to have heard on the hoof just...; Ed Balls | 547 c1121 (Link to this contribution)
It is no surprise that the Chancellor has gone completely white as he sits on the Front Bench. Le...; Dominic Grieve | 547 c1121 (Link to this contribution)
rose—; 547 c1121 (Link to this contribution)
More!; Ed Balls | 547 c1121 (Link to this contribution)
Yes, let us have more—[Interruption.]; Nigel Evans | 547 c1121 (Link to this contribution)
Order.; Dominic Grieve | 547 c1121 (Link to this contribution)
I am sorry that the right hon. Gentleman is being so obtuse about what seems to me to be a fairly...; Nigel Evans | 547 c1121 (Link to this contribution)
Order. I call Mr Balls.; Ed Balls | 547 c1121 (Link to this contribution)
I have to say that there would be no point taking an intervention from the part-time Chancellor o...; Simon Hughes | 547 c1121 (Link to this contribution)
rose—; William Cash | 547 c1121 (Link to this contribution)
rose—; Ed Balls | 547 c1121 (Link to this contribution)
No, I will not give way—[Interruption.] Look—[Interruption.]; Nigel Evans | 547 c1121 (Link to this contribution)
Order. I point out that this is a time-limited debate and a substantial number of Members wish to...; Ed Balls | 547 c1122 (Link to this contribution)
I will give way to the hon. Member for Stone (Mr Cash), who is not an hon. Gentleman who is used ...; William Cash | 547 c1122 (Link to this contribution)
I am extremely grateful to the shadow Chancellor for giving way. On the question of the alternati...; Ed Balls | 547 c1122 (Link to this contribution)
The hon. Gentleman has proposed that a QC could advise the Committee; perhaps he will make that p...; Damian Collins | 547 c1122 (Link to this contribution)
Does the shadow Chancellor accept that a Select Committee can ask a witness to release informatio...; Ed Balls | 547 cc1122-3 (Link to this contribution)
All my experience—and there are many Members on both sides of the House who have more detailed ex...; Lord Watts | 547 c1123 (Link to this contribution)
Is it not clear that the Government, stacked with bankers and payrolled by the bankers, are frigh...; Ed Balls | 547 c1123 (Link to this contribution)
My hon. Friend makes his point in his own particular way. I was saying that the inquiry needed to...; Simon Hughes | 547 c1123 (Link to this contribution)
My constituents—like, I think, the right hon. Gentleman’s—want this mess in the banking industry ...; Ed Balls | 547 c1123 (Link to this contribution)
I am afraid that the right hon. Gentleman needs to have a word with the Attorney-General, because...; Dominic Grieve | 547 c1123 (Link to this contribution)
The right hon. Gentleman has not answered the question I put to him earlier. He says he wishes to...; Ed Balls | 547 cc1123-4 (Link to this contribution)
It is a pity not only that the right hon. and learned Gentleman was not consulted before the inqu...; Anna Soubry | 547 c1124 (Link to this contribution)
Will the right hon. Gentleman give way?; Ed Balls | 547 c1124 (Link to this contribution)
I will give way to the hon. Lady in a moment—[Interruption.] There is no need for any favours lik...; Anna Soubry | 547 c1124 (Link to this contribution)
I am grateful to the shadow Chancellor, a fine Nottingham boy, and I am enjoying his contribution...; Ed Balls | 547 cc1124-5 (Link to this contribution)
Despite trying to intervene, the hon. Lady has been listening to my speech and so will have heard...; Gordon Banks | 547 c1125 (Link to this contribution)
Does my right hon. Friend agree that, perhaps, the activity and findings of the Leveson commissio...; Ed Balls | 547 c1125 (Link to this contribution)
I do not know the answer to my hon. Friend’s question; I do know that the open process of the Lev...; Dominic Grieve | 547 c1125 (Link to this contribution)
rose—; Ed Balls | 547 c1125 (Link to this contribution)
I will happily give way again.; Dominic Grieve | 547 cc1125-6 (Link to this contribution)
It would help if the right hon. Gentleman listened, rather than getting carried away with his own...; Baroness Primarolo | 547 c1126 (Link to this contribution)
Order.; Dominic Grieve | 547 c1126 (Link to this contribution)
And if he listened carefully he would understand it.; Ed Balls | 547 c1126 (Link to this contribution)
rose—; Baroness Primarolo | 547 c1126 (Link to this contribution)
Order, Mr Balls.
Order means order for Front Benchers on the Government side as well. I und...; Ed Balls | 547 c1126 (Link to this contribution)
rose—; Chris Bryant | 547 c1126 (Link to this contribution)
Will the shadow Chancellor allow me?; Ed Balls | 547 c1126 (Link to this contribution)
Okay.; Chris Bryant | 547 c1126 (Link to this contribution)
The Attorney-General is not right on that issue. It is far more dangerous to have a parliamentary...; Ed Balls | 547 cc1126-7 (Link to this contribution)
I understand the points made by Members on both sides of the House.
Before I summarise, let...; Bernard Jenkin | 547 c1127 (Link to this contribution)
A few moments ago, the right hon. Gentleman said that even if the House votes for establishing a ...; Ed Balls | 547 c1127 (Link to this contribution)
I was going to come to the votes at this point. I have said that we will vote for our motion. I h...; Bernard Jenkin | 547 c1127 (Link to this contribution)
rose—; Ed Balls | 547 c1127 (Link to this contribution)
I am not going to give way because I have answered the hon. Gentleman’s question. [Hon. Members: ...; George Osborne | 547 c1127 (Link to this contribution)
Madam Deputy Speaker—[Interruption.]; Baroness Primarolo | 547 c1127 (Link to this contribution)
Order. We are not going to get anywhere in this debate if Members on both sides of the Chamber co...; George Osborne | 547 c1128 (Link to this contribution)
I wish to speak to the motion in the name of the Prime Minister.
Today the House must come ...; 547 c1128 (Link to this contribution)
rose—; George Osborne | 547 c1128 (Link to this contribution)
Can I just say this before I give way to anyone? Let us bring the argument to an end today. Let u...; Ed Balls | 547 c1128 (Link to this contribution)
rose—; George Osborne | 547 c1128 (Link to this contribution)
I will give way to the shadow Chancellor if he answers this question for me: if the House votes f...; Ed Balls | 547 c1128 (Link to this contribution)
My advice to the Chancellor, on the basis of the Attorney-General’s comments, is to stop the spee...; George Osborne | 547 c1128 (Link to this contribution)
The right hon. Gentleman was the City Minister during the LIBOR scandal. We know, as I said in my...; Ed Balls | 547 c1128 (Link to this contribution)
That is not what the Chancellor said. He said to The Spectator:
“They were clearly involved...; George Osborne | 547 c1128 (Link to this contribution)
Let me say exactly what I said, and then the right hon. Gentleman can answer my question. I said,...; Baroness Primarolo | 547 c1129 (Link to this contribution)
Order. Mr Gwynne, I have already said that I do not expect people continually to shout across the...; Lord Brennan of Canton | 547 c1129 (Link to this contribution)
On a point of order, Madam Deputy Speaker. The best way to abate the anger in the Chamber and to ...; Baroness Primarolo | 547 c1129 (Link to this contribution)
Mr Brennan, you know full well that that is not a point of order; it is a point of debate and it ...; George Osborne | 547 c1129 (Link to this contribution)
I have never seen Labour Members and the shadow Chancellor so rattled about their time in office....; Ed Balls | 547 c1129 (Link to this contribution)
The Chancellor knows what I have said in the past. I have said that people from all parts of the ...; George Osborne | 547 c1129 (Link to this contribution)
The idea that I am going to take lessons in integrity from a man who smeared his way through 13 y...; Nadhim Zahawi | 547 c1129 (Link to this contribution)
The shadow Chancellor is creating a smokescreen because the evidence is clear: Ministers in the p...; George Osborne | 547 c1130 (Link to this contribution)
My hon. Friend is right that throughout this debate and over the past two days, not a single Labo...; 547 c1130 (Link to this contribution)
rose—; George Osborne | 547 c1130 (Link to this contribution)
I will give way to the hon. Lady, then I will proceed.; Sheila Gilmore | 547 c1130 (Link to this contribution)
I want to take the Chancellor back to his comments a few moments ago in which he quoted something...; George Osborne | 547 c1130 (Link to this contribution)
I am very grateful that I took that intervention, because right at the end, the hon. Lady said th...; 547 c1130 (Link to this contribution)
rose—; George Osborne | 547 c1130 (Link to this contribution)
I will take one more intervention and then move on.; Alec Shelbrooke | 547 c1130 (Link to this contribution)
Would my right hon. Friend like to speculate on why the Opposition may want the review to be push...; George Osborne | 547 c1130 (Link to this contribution)
Of course, part of the Opposition’s problem is that they cannot admit their mistakes in office.; 547 c1130 (Link to this contribution)
rose—; George Osborne | 547 cc1130-1 (Link to this contribution)
I have taken some interventions, and many Members want to take part in the debate. The shadow Cha...; 547 c1131 (Link to this contribution)
rose—; George Osborne | 547 c1131 (Link to this contribution)
I will give way in a moment, but let me make this point.
We all agree that, in the words of...; Lord Dodds of Duncairn | 547 c1131 (Link to this contribution)
The Chancellor referred to the public anger, which is palpable. Is not the choice of which type o...; George Osborne | 547 c1131 (Link to this contribution)
We heard from the Attorney-General that a judge-led inquiry may, in his words, not even get off t...; Andrew Bridgen | 547 c1131 (Link to this contribution)
I am very pleased that the shadow Chancellor has agreed to give evidence to the parliamentary Com...; George Osborne | 547 cc1131-2 (Link to this contribution)
Of course, all involved need to answer questions. The first thing that we are doing to address th...; 547 c1132 (Link to this contribution)
rose—; George Osborne | 547 c1132 (Link to this contribution)
I will give way in a moment, but let me explain what the FCA’s chief executive-designate will do....; Mark Durkan | 547 c1132 (Link to this contribution)
Does the Chancellor accept that the Wheatley review can proceed to do its work and inform changes...; George Osborne | 547 c1132 (Link to this contribution)
I was not using the Wheatley review as a reason not to have a public or parliamentary inquiry. I ...; Nicholas Dakin | 547 c1132 (Link to this contribution)
What does the Chancellor have to fear from a judge-led inquiry?; George Osborne | 547 c1132 (Link to this contribution)
I was about to explain that a judge-led inquiry would not allow us to amend the law to deal with ...; David Ruffley | 547 c1132 (Link to this contribution)
I support the Chancellor’s firm action in the past few days, but he should know that 12 months ag...; George Osborne | 547 c1132 (Link to this contribution)
My hon. Friend makes a good point, and I agree absolutely with his instinct. We need to look at g...; Elizabeth Truss | 547 c1133 (Link to this contribution)
All hon. Members want wrongdoers in both the authorities and the banks rooted out, but does the C...; George Osborne | 547 c1133 (Link to this contribution)
My hon. Friend is absolutely right. This is not just about assuaging public anger; it is also abo...; 547 c1133 (Link to this contribution)
rose—; George Osborne | 547 cc1133-4 (Link to this contribution)
I have already given way quite a lot. I shall make some progress and then give way again. I want ...; 547 c1134 (Link to this contribution)
rose—; George Osborne | 547 c1134 (Link to this contribution)
I will give way in a moment, when I have made my arguments about the public inquiry.
Second...; Seema Malhotra | 547 c1134 (Link to this contribution)
The Hutton inquiry opened in August 2003 and reported in January 2004. Why does the Chancellor cl...; George Osborne | 547 c1134 (Link to this contribution)
The motion talks about an inquiry under the Inquiries Act, but all the inquiries that have taken ...; Claire O'Neill | 547 c1134 (Link to this contribution)
The whole House will be aware that the banking industry employs 1 million people and contributes ...; George Osborne | 547 c1135 (Link to this contribution)
My hon. Friend is right. It is worth listening to what Richard Lambert—who used to employ the sha...; 547 c1135 (Link to this contribution)
rose—; George Osborne | 547 c1135 (Link to this contribution)
I will make further progress in my speech and then give way, but I am not giving way at the momen...; Bernard Jenkin | 547 c1135 (Link to this contribution)
On a point of order, Madam Deputy Speaker. I regret to say that I cannot hear the Chancellor of t...; Baroness Primarolo | 547 c1135 (Link to this contribution)
I am eternally grateful for the help from the hon. Gentleman in reminding the House of what I hav...; George Osborne | 547 c1135 (Link to this contribution)
May I at least make this point to those on the Opposition Benches about the proposal in their mot...; Steve Rotheram | 547 c1135 (Link to this contribution)
Will the Chancellor give way?; George Osborne | 547 c1135 (Link to this contribution)
No, I am not going to give way; I am going to make this point.
If we go ahead with a judge-...; 547 c1135 (Link to this contribution)
rose—; George Osborne | 547 c1135 (Link to this contribution)
There is something else I want to say to the House. Of course we can act swiftly or follow the Op...; Baroness Primarolo | 547 c1136 (Link to this contribution)
Order. If Members of the House think that constantly standing and holding out their arms will mak...; George Osborne | 547 c1136 (Link to this contribution)
I have taken many interventions, and I know that many people want to speak in the debate. That is...; Lord Austin of Dudley | 547 c1136 (Link to this contribution)
On a point of order, Madam Deputy Speaker. Is it in order for a Member of this House, outside the...; Baroness Primarolo | 547 c1136 (Link to this contribution)
Mr Austin, I think you know that I am grateful for the fact that I am not responsible for what Me...; George Osborne | 547 c1136 (Link to this contribution)
Thank you, Madam Deputy Speaker. I think that we have learnt today that the Brownite cabal and al...; Lord Mann | 547 cc1136-8 (Link to this contribution)
In quoting the proceedings of the Treasury Committee, the Chancellor failed to quote accurately. ...; Lord Tyrie | 547 c1138 (Link to this contribution)
The rigging of the LIBOR market is shocking. It is the worst case of City malpractice I can recal...; Lord Watts | 547 c1138 (Link to this contribution)
Is it not the case that any inquiry will have public support only if it is carried out on a cross...; 547 c1138 (Link to this contribution)
Withdraw!; Baroness Primarolo | 547 cc1138-9 (Link to this contribution)
Order. Sit down, Mr Watts. I am on my feet.
Mr Watts, you will have to rephrase that last b...; Lord Watts | 547 c1139 (Link to this contribution)
I will withdraw that comment, Madam Deputy Speaker. I will say that the Chancellor gives the impr...; Lord Tyrie | 547 c1139 (Link to this contribution)
I shall not address the second part of the hon. Gentleman’s question, but the first part was abso...; Chris Bryant | 547 c1139 (Link to this contribution)
May I raise the issue of the powers that a Select Committee has? One of the things that we have l...; Lord Tyrie | 547 c1139 (Link to this contribution)
I am confident that can be sorted out if there is co-operation between the Front Benches, if nece...; Anna Soubry | 547 c1139 (Link to this contribution)
Will my hon. Friend give way?; Lord Tyrie | 547 cc1139-1140 (Link to this contribution)
I will not, if my hon. Friend will forgive me. I am going to get on with my speech now.
The...; Clive Efford | 547 c1140 (Link to this contribution)
The tone of this debate has been regrettable. It was, in effect, set by the article written in Th...; Bill Esterson | 547 c1141 (Link to this contribution)
My hon. Friend is right. Does he agree that the partisan nature of the debate demonstrates why a ...; Clive Efford | 547 c1141 (Link to this contribution)
My hon. Friend anticipates another part of my speech. The processes in this House to set up Commi...; George Mudie | 547 c1141 (Link to this contribution)
Does my hon. Friend agree that a Government majority on such a Committee prevents any chance of e...; Clive Efford | 547 c1141 (Link to this contribution)
My hon. Friend has made the point, and in the interests of brevity I will leave it there for the ...; Mark Reckless | 547 c1141 (Link to this contribution)
Will the hon. Gentleman give way?; Clive Efford | 547 c1142 (Link to this contribution)
I have given way twice and I will not give way any more because of lack of time.
Fundamenta...; David Davis | 547 cc1142-3 (Link to this contribution)
I will start by declaring an interest. When I was the chairman of the Future of Banking Commissio...; Bill Esterson | 547 c1143 (Link to this contribution)
I want to ask the right hon. Gentleman about the relative skills of a parliamentary inquiry and a...; David Davis | 547 c1143 (Link to this contribution)
Absolutely. The Select Committee on Culture, Media and Sport and its inability to reach a unanimo...; Alison McGovern | 547 c1143 (Link to this contribution)
Will the right hon. Gentleman give way?; David Davis | 547 cc1143-4 (Link to this contribution)
I have taken one intervention and I cannot take any more.
Whatever the inquiry, it will tak...; Stewart Hosie | 547 cc1144-5 (Link to this contribution)
We need an investigation into LIBOR—there is no question about that. We need it because of the re...; Viscount Thurso | 547 cc1145-6 (Link to this contribution)
It is a pleasure to follow the hon. Member for Dundee East (Stewart Hosie), a fellow member of th...; Roger Godsiff | 547 cc1146-7 (Link to this contribution)
I strongly support the proposal for a judicial inquiry. I am sure that under the hon. Member for ...; Bernard Jenkin | 547 cc1147-8 (Link to this contribution)
The hon. Member for Birmingham, Hall Green (Mr Godsiff) has underlined the importance of having a...; Damian Collins | 547 c1148 (Link to this contribution)
I am closely following my hon. Friend’s argument. Is not the Standards and Privileges Committee c...; Bernard Jenkin | 547 cc1148-9 (Link to this contribution)
Actually, it is the Liaison Committee on which I serve as a Select Committee Chairman. I am perso...; Viscount Thurso | 547 c1149 (Link to this contribution)
I want my hon. Friend to tell us all about the Marconi scandal, but we were Liberals then.; Bernard Jenkin | 547 cc1149-1150 (Link to this contribution)
I beg my hon. Friend’s pardon. Of course—rebranded to cleanse the history.
Lloyd George’s G...; Michael Meacher | 547 c1150 (Link to this contribution)
The sole argument advanced today by the Chancellor as to why there should not be a thorough, comp...; Richard Fuller | 547 c1150 (Link to this contribution)
I appreciated the right hon. Gentleman’s support for my efforts in January to secure a Back-Bench...; Michael Meacher | 547 cc1150-2 (Link to this contribution)
I think the exact opposite is true. The Leveson inquiry has aroused and maintained intense public...; Mark Reckless | 547 cc1152-3 (Link to this contribution)
In 1993, I joined Warburg’s as UK economist. One of the first things I recall is visiting the cha...; Bernard Jenkin | 547 c1153 (Link to this contribution)
Is my hon. Friend saying that wrong regulation rather than under-regulation robs the system of di...; Mark Reckless | 547 cc1153-4 (Link to this contribution)
Elements of such regulation have been backed, but we must look at the quality of regulation. We c...; Bernard Jenkin | 547 c1154 (Link to this contribution)
My hon. Friend is making a very interesting speech. Is he saying that because it was widely known...; Mark Reckless | 547 c1154 (Link to this contribution)
For the calculation of LIBOR, I wonder whether it had been abandoned for RBS and Lloyds HBOS—as i...; Austin Mitchell | 547 cc1154-6 (Link to this contribution)
It is good that the debate has come to a calmer and more sensible level. The start demonstrated e...; Priti Patel | 547 cc1156-7 (Link to this contribution)
Many good and relevant points have been made from the Government Benches already, so I want to ma...; Russell Brown | 547 cc1157-8 (Link to this contribution)
I suspect that we are concentrating on how we can improve the system for businesses, rather than ...; Sheila Gilmore | 547 c1158 (Link to this contribution)
Does my hon. Friend agree that it not just businesses, but some individuals who have been led int...; Russell Brown | 547 c1158 (Link to this contribution)
Let me tackle that quickly. Yes, during the last couple of days, I have received more than 30 e-m...; David Mowat | 547 c1158 (Link to this contribution)
I was neither a banker nor a financial adviser in a previous life, but given the hon. Gentleman’s...; Russell Brown | 547 cc1158-9 (Link to this contribution)
The point I am making is that the people of this country will have faith only if this matter is d...; 547 c1159 (Link to this contribution)
rose—; Baroness Primarolo | 547 c1159 (Link to this contribution)
I shall call the last speaker now. The winding-up speeches must start at 4.55 pm, so I ask that s...; David Rutley | 547 cc1159-1160 (Link to this contribution)
Many years ago, when I was at business school with my hon. Friend the Member for Bedford (Richard...; William Cash | 547 c1160 (Link to this contribution)
Does my hon. Friend agree that we could also adopt the system applied to hybrid and private Bills...; David Rutley | 547 c1160 (Link to this contribution)
I am not familiar with that approach. As a former member of the Treasury Committee, however, I sh...; Richard Graham | 547 c1160 (Link to this contribution)
Does my hon. Friend agree that what our constituents really want is a recognition of what went wr...; David Rutley | 547 c1160 (Link to this contribution)
I completely agree. It is so important that we drive for urgent action that I hope Opposition Mem...; Baroness Primarolo | 547 c1160 (Link to this contribution)
Order. I asked the hon. Gentleman to conclude his remarks by 4.55 pm and that is now the time. Th...; Angela Eagle | 547 cc1160-1 (Link to this contribution)
Today’s debate—especially the beginning of it—makes the case more eloquently than I ever could fo...; Mark Reckless | 547 c1161 (Link to this contribution)
rose—; Angela Eagle | 547 c1161 (Link to this contribution)
I will give way to the hon. Gentleman, but I ask him to remember that I only have 10 minutes.
...; Mark Reckless | 547 c1161 (Link to this contribution)
The Opposition motion says we need a judge to examine forensically the culture of banking. Is the...; Angela Eagle | 547 c1161 (Link to this contribution)
With expert advice, certainly. That is therefore the approach we must choose.
The banking i...; Alun Cairns | 547 c1162 (Link to this contribution)
I am grateful to the hon. Lady for giving way. Does she recognise the anger among the public, whi...; Angela Eagle | 547 cc1162-3 (Link to this contribution)
The public demand action that will be effective, and that is calm and considered.
A year ag...; Sarah Newton | 547 c1163 (Link to this contribution)
Will the hon. Lady give way?; Angela Eagle | 547 c1163 (Link to this contribution)
No, because there is only a minute left.
With no consultation with Opposition parties, the ...; Lord Young of Cookham | 547 cc1163-4 (Link to this contribution)
The debate got off to a difficult start and those watching it might have been driven to the concl...; Andrew Love | 547 c1164 (Link to this contribution)
Will the Leader of the House give way?; Lord Young of Cookham | 547 cc1164-6 (Link to this contribution)
Let me make a little more progress.
I am also grateful to my right hon. Friend the Member f...; Ed Balls | 547 c1166 (Link to this contribution)
On a point of order, Mr Deputy Speaker. The Government have won their vote. The Chair of the Trea...; Nigel Evans | 547 c1166 (Link to this contribution)
Order. The House must listen to this point of order in silence.; Ed Balls | 547 cc1166-1175 (Link to this contribution)
It is clear that there is a wider set of questions, on matters from mis-selling to small business...; George Osborne | 547 c1175 (Link to this contribution)
Further to that point of order, Mr Deputy Speaker. I welcome the Opposition’s agreement in princi...; Lord Tyrie | 547 c1175 (Link to this contribution)
Further to that point of order, Mr Deputy Speaker. I think the whole House, and actually the whol...; Nigel Evans | 547 c1175 (Link to this contribution)
I am grateful for all three points of order, and the Chair has nothing to add.
Subjects: Banks Bank of England Barclays Financial Services Authority Interest rates Financial markets Regulation Treasury LIBOR
Link: View this Parliamentary proceeding on www.publications.parliament.uk

Professional Standards in the Banking Industry

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