The rigging of the Libor interest rate is only just a symptom of a much wider cancer in the UK's financial services industry, former City minister Lord Myners said today.
He told peers that since last year he has asked ministers repeatedly about the manipulation of the interest rate but has received "backhanded" responses from the Government. Speaking in the House of Lords, he said:
"It goes well beyond Libor. Libor manipulation - the lying and deceit which we know took place systemically across the banking industry, not limited to Barclays alone - is but a symptom of a wider cancer at the heart of the banking industry.
"That is why we need a judicial review. The term of reference of the Tyrie review are extremely limited, they are ringfenced, they are very precise, they do not ask the questions that should be asked."
The Government and Labour clash over the scale of inquiry into the banking scandal. Labour want a full, independent one.
The new government inquiry will look both into the culture of banking and into the setting of Libor rates
The Chancellor's team says his announcement to the Commons will "shoot Labour's fox."