Shadow Treasury Minister: Banking inquiry terms 'too narrowly drawn'

Shadow Treasury Minister Lord Eatwell told peers today that while a banking inquiry led by the chairman of the House of Commons Treasury Committee had "a contribution to make" its terms were "too narrowly drawn".

Lord Eatwell said a public inquiry "may lead to some criticism of the policies adopted by previous governments, including governments formed by my party" but called for peers to back it:

They have their particular contribution to make, but the financial services industry is too big, too complex too far-reaching and too important for there not to be a full independent judicial inquiry as is proposed in this amendment.

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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.