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UK legislators back parliamentary banking probe

Jul 05 2012 Reuters

LONDON, July 5 (Reuters) - British lawmakers on Thursday backed a government plan to hold a parliamentary inquiry into the professional and cultural standards of bankers, following the Barclays rate-rigging scandal. They rejected a call by the opposition Labour party for the inquiry to be an independent judge-led probe, along the lines of an existing wide-ranging inquiry into British media standards. Legislators voted 330 to 226 in favour of the parliamentary inquiry, first announced by the government on July 2. Although the vote fell short of the kind of cross-party backing the government had been seeking for the plan, Labour said afterwards it would support a committee that would be set up to conduct the inquiry. Andrew Tyrie, chairman of parliament's influential Treasury Committee and who the government wants to head the inquiry, said he welcomed Labour's support after a sometimes bitter debate over the best structure for the probe. "I will do whatever the House (of Commons)

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