Deep division over bank inquiry

Labour leader Ed Miliband has stepped up demands for a full judicial inquiry into the banking scandal, warning the public is in no mood for an "establishment cover-up". The Government wants a rapid, cross-party inquiry by MPs and peers.

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  1. Chris Ship

All eyes are on Bob Diamond's appearance before MPs on Wednesday

Bob Diamond's scheduled appearance before MPs on Wednesday was always going to be choice viewing, but now that he is no longer bound by the shackles of his office it could be an even more feisty affair.

Will he dig the dirt on other banks, or criticise the regulators - the FSA and Bank of England - for failing to pick up on the rate rigging?

The political row over the best way forward in terms of investigating wrongdoing in the banking sector is now at full tilt.

Labour maintains an inquiry led by a judge is needed, but the Government says its Parliamentary inquiry is the quickest way to get answers.

The problem is that the man tasked with leading such an inquiry, Andrew Tyrie, has said he will only do so if there is political consensus, and there isn't that.

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