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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Ed Balls: 'I knew nothing about senior Whitehall figures' over Libor-fixing

Shadow Chancellor Ed Balls, who served as Economic Secretary to the Treasury in 2006/7, insisted he knew nothing about senior figures in Whitehall applying pressure over Barclays' high Libor pricing today.

Shadow Chancellor Ed Balls insists he had no involvement Credit: PA Wire

He told BBC News: "I have absolutely no idea, that's why I want, as Ed Miliband does, a full open judicial inquiry at arms-length forensically to ask these questions to see whether anybody knew what was going on.

"Without that I don't think we can have confidence or the public can't have confidence that we are moving forward in sorting out this culture."

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