Supporting a full, quick Bank Enquiry




A couple of days ago, I blogged about the need for Barclay's Chief Bob Diamond to resign in the wake of the interest rate fixing scandal.

http://johnleechmp.wordpress.com/2012/07/02/bob-diamond-needs-to-go-now

Here is how the Daily Mirror reported my comments.

http://www.mirror.co.uk/money/city-news/calls-for-barclays-chairman-bob-diamond-1120615

In about an hour there is a vote to investigate the fixing of interest rates by Banks. I support an enquiry. Banks have much to be held account for. However, I do not think we should wait until Christmas (or after) before we get a report and take action, and I don't accept that it is beyond MP's to examine witnesses and to draw conclusions.

From my own experience with the Transport Select Committee, I know that much good work is done by the All Party Select Committees. Parliament shouldn't be judged by the bear pit of Prime Minister Questions.

The last Labour government did not regulate the banks properly. Ed Balls supported "light-touch" regulation. He, Tony Blair and Gordon Brown had sucked up to the Bankers for 20 years since the mid 1990's until the banking collapse, and the Tories in opposition too argued for a free market approach to Banks, bankers and bonuses.

Only Vince Cable and the Lib Dems argued for proper, tougher regulation, and I am glad the government are adopting the Lib Dem approach by splitting off high street banking from the more speculative activities that got us into this trouble in the first place.

So I will be supporting a full, quick, all party Bank Enquiry when I vote in the House of Commons tonight.

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