Bob Diamond faces 'grilling' by MPs next week

Lucy Manning

Former UK Editor

Barclays' President Bob Diamond to face MPs Credit: PA Archive

The Chief executive and Chairman of Barclays will be grilled by MPs next week.

ITV News understands that more executives from Barclays could be called, depending what is revealed. And that the bosses of other banks could also be told to appear before MPs, but this won't happen until the Financial Services Authority finishes its report.

At the moment the political battle is whether to have an inquiry-Leveson style, or an inquiry-light. Labour wants a long, detailed one. The Government just one looking at the setting of the LIBOR rates and the punishments around that.

It all feels a bit like the events surrounding expenses and hacking. On expenses, the Opposition with David Cameron led the running and Gordon Brown had to play catch up. On hacking, Ed Miliband was early and tough in his condemnation of News International.

And now he has called for a public inquiry when the Government is lukewarm on it, but mindful that this could be a popular move with voters.

Where the Government is upping the pressure is on bonuses. Mr Diamond has already said he won't take his bonus for this year. But now the Treasury minister Mark Hoban, has told ITV News any bonuses earned at that time by those responsible for the LIBOR scam should be clawed back.

So the pressure is still on Bob Diamond. The American-born banker will appear before MPs on Wednesday. Primetime viewing, it will be Bob on the 4th of July.