The banking scandal is too important not to have an independent inquiry

The idea that an inquiry would "shut down" banks is nonsense.

One of the delights of Twitter is that you get to ask the great and the good what the hell they are talking about – and they occasionally answer. So when I asked Bernard Jenkin MP (C, Harwich and North Essex and according to Wikipedia, Parliament’s most famous nudist) why he thought it would be "absolutely bonkers" to hold a Leveson-style inquiry into the banks, he was good enough to reply. Here’s what he said:

Now I don’t want to have a go at Mr Jenkin, who was good enough to bother to reply and anyway it’s hard to get a nuanced argument over in 140 characters. But honestly… The idea that these Masters of the Universe are not so much "too big to fail" but rather "too important to bother" seems a bizarre one to me.

It’s also worth pointing out that newspapers appear to have been able to continue publishing comfortably throughout the Leveson inquiry, despite its all-seeing eye into the murkier depths of the world of journalism. The notion that financial companies generating billions of pounds in annual profits will grind to a halt for the period of an independent inquiry is ludicrous. Perhaps MPs are imagining dealing rooms around the City shutting up shop for the afternoon so they can enjoy the nuanced testimony of the third deputy assistant Governor of the Bank of England. If so, I can assure them that they are quite wrong on this score…

Nor does it seem to me that the "this is urgent, we need answers now" argument is going to fly. We’ve had a quarter of a century since "big bang" (God, they like their space orientated nicknames in the City don’t they?) to try and get our heads around what the hell is going on. The notion that a select group of parliamentarians will get it all sorted in a couple of months given the chance seems again, plain wrong…

Anyway, there’s a quicker way of conducting a parliamentary inquiry. Just ask this man. He seems to have got the answers right most times. He’s even got a plan. He’s just a phone call away…

But to answer Mr Jenkin’s main point - it is precisely because the banks are so important, because so much of our economy hangs on the success of the financial sector, that we need to have absolute faith in it.

The Libor scandal may or may not have been the financial sector’s “Milly Dowler’ moment (which occurred one year ago today) –  but that moment is still going to happen, sometime soon. And just as the real point of the Leveson inquiry is to restore faith in the press, the point of any inquiry into the financial sector is to restore faith in that.

Parliament may well resist the calls for a judicial inquiry this afternoon. But – and here’s an anology that both the space-obsessed City and Britain’s favourite parliamentary nudist can enjoy – they are howling at the moon.

They’d do better to just get on with it.

 

Barclays: can't be blamed on "banking culture". Photograph: Getty Images

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Commons Confidential: Dave's picnic with Dacre

Revenge is a dish best served cold from a wicker hamper.

Sulking David Cameron can’t forgive the Daily Mail editor, Paul Dacre, for his role in his downfall. The unrelenting hostility of the self-appointed voice of Middle England to the Remain cause felt pivotal to the defeat. So, what a glorious coincidence it was that they found themselves picnicking a couple of motors apart before England beat Scotland at Twickenham. My snout recalled Cameron studiously peering in the opposite direction. On Dacre’s face was the smile of an assassin. Revenge is a dish best served cold from a wicker hamper.

The good news is that since Jeremy Corbyn let Theresa May off the Budget hook at Prime Minister’s Questions, most of his MPs no longer hate him. The bad news is that many now openly express their pity. It is whispered that Corbyn’s office made it clear that he didn’t wish to sit next to Tony Blair at the unveiling of the Iraq and Afghanistan war memorial in London. His desire for distance was probably reciprocated, as Comrade Corbyn wanted Brigadier Blair to be charged with war crimes. Fighting old battles is easier than beating the Tories.

Brexit is a ticket to travel. The Independent Parliamentary Standards Authority is lifting its three-trip cap on funded journeys to Europe for MPs. The idea of paying for as many cross-Channel visits as a politician can enjoy reminds me of Denis MacShane. Under the old limits, he ended up in the clink for fiddling accounts to fund his Continental missionary work. If the new rule was applied retrospectively, perhaps the former Labour minister should be entitled to get his seat back and compensation?

The word in Ukip is that Paul Nuttall, OBE VC KG – the ridiculed former Premier League professional footballer and England 1966 World Cup winner – has cold feet after his Stoke mauling about standing in a by-election in Leigh (assuming that Andy Burnham is elected mayor of Greater Manchester in May). The electorate already knows his Walter Mitty act too well.

A senior Labour MP, who demanded anonymity, revealed that she had received a letter after Leicester’s Keith Vaz paid men to entertain him. Vaz had posed as Jim the washing machine man. Why, asked the complainant, wasn’t this second job listed in the register of members’ interests? She’s avoiding writing a reply.

Years ago, this column unearthed and ridiculed the early journalism of George Osborne, who must be the least qualified newspaper editor in history. The cabinet lackey Ben “Selwyn” Gummer’s feeble intervention in the Osborne debate has put him on our radar. We are now watching him and will be reporting back. My snouts are already unearthing interesting information.

Kevin Maguire is the associate editor (politics) of the Daily Mirror

Kevin Maguire is Associate Editor (Politics) on the Daily Mirror and author of our Commons Confidential column on the high politics and low life in Westminster. An award-winning journalist, he is in frequent demand on television and radio and co-authored a book on great parliamentary scandals. He was formerly Chief Reporter on the Guardian and Labour Correspondent on the Daily Telegraph.

This article first appeared in the 23 March 2017 issue of the New Statesman, Trump's permanent revolution