Former Met Police chief: 'Have a criminal inquiry into the banking sector'

Lord Ian Blair, the former head of the Metropolitan Police and an independent crossbench peer, said today that evidence given to a judicial inquiry was given on a "completely different basis" to evidence given in court or to a parliamentary inquiry.

Former Metropolitan Police Commissioner Lord Ian Blair Credit: PA Wire

It follows a Parliamentary dispute over an inquiry into the bank rate-rigging scandal. Lord Blair said: "What I don't understand is the sense there needs to be any dispute between the two sides of the House.

"Have a criminal inquiry, have Tyrie and have a judge-led inquiry into the ultimate circumstances of the way the banking culture has taken over parts of our society."

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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.