Speaking in the House of Commons during Prime Minister’s Questions, Cameron said the scandal demanded a parliamentary inquiry that would be “swift and decisive” and could lead to legislation next year, rather than a drawn out judicial investigation.
Opposition leader Ed Miliband said a judge-led inquiry would be “full, independent, forensic and open,” and said the Prime Minister did not understand the extent of public anger over the issue.
Cameron said Labour did not want an inquiry that would see its “dirty washing aired in public” and described the manipulation of LIBOR as “outrageous”.
“It is outrageous, frankly, that homeowners may have paid higher mortgage rates and small businesses may have paid high interest rates because of spivvy and probably illegal activity in the City,” the Prime Minister added.
Cameron said a mooted multi-million pound payoff for departed Barclays CEO Bob Diamond is “completely wrong and inexplicable”.
According to Sky, Barclays may yet ask Diamond to waive the payoff, which would reportedly be between £20m and £30m.
