The Barclays Bank Libor/Euribor matter still has a long way to run. The House of Commons has voted (330 to 226) to hold a parliamentary inquiry which will take evidence on oath and be assisted by counsel. Details such as the precise terms of reference remain to be settled.
The debate was marked by an unseemly row between an irate Ed Balls (Shadow Chancellor of the Exchequer) and Chancellor George Osborne, who appeared to smirk at Balls throughout. This partisanship does not augur well for the proposed inquiry and demonstrates why many, including myself, would have preferred a judicial inquiry even if it took rather longer. Observers of the political scene may well wonder why phone-hacking led to the judicial Leveson Inquiry whereas the manipulation of the inter-bank lending rate does not.
