Barclays: Judge-led inquiry

July 05, 2012, 2:35 PM GMT+0

55% Brits want Judge-led inquiry on LIBOR; 30% say parliamentary inquiry, as debate continues

The majority of Britons have expressed support for the Labour party’s proposal to hold a thorough Judge-led inquiry into the Barclays LIBOR-rigging scandal, while under one third feel that a simpler Parliamentary hearing would be the best course of action, our poll shows.

Almost one in ten are still unsure as to whether a 'swift and decisive' measure would be more appropriate than a wider and more complicated judicial probe. Meanwhile over one in twenty would rather there be no inquiry at all.

  • 55% of the British public think there should be a Judge-led inquiry into the LIBOR fixing scandal at Barclays
  • 30% think there should be a Parliamentary inquiry
  • 8% don't know which kind of inquiry would be best
  • While 6% think there is no need to have any inquiry into the LIBOR fixing scandal

Barclays Bank has been fined £290m after it was discovered they had lied about what it was costing them to borrow money in order to manipulate LIBOR ‒ a key interest rate. There have been calls for an inquiry following the revelations and resignations from bosses, including Chief Executive Bob Diamond, who has already faced questioning in front of yesterday's Treasury Select Committee.

Parliamentary inquiry ‘too narrow’?

Government MPs are to hold a vote to decide on the type of inquiry to be held into the Barclays Bank rate-rigging scandal, as ministers debate over whether a Parliamentary, or Judge-led inquiry, would be most appropriate.

David Cameron and fellow ministers favour a Parliamentary inquiry, made up of members of the House of Commons and Lords, which would be cheaper, allow for new banking rules to be put into law, and be what Cameron calls the most 'swift and decisive' course of action.

But Labour leader Ed Miliband has called for an inquiry led by a Judge, which would be independent of Parliament, calling the alternative 'too narrow', claiming that a much wider judicial probe into the culture of banking is needed.

A decision on the inquiry is expected this week.

See the survey details and full results here