John Mann: Andrew Tyrie must leave his committee to do its job

 

Share
Related Topics

Chaos reigns. There is real anger in all three parties at the chairman of the Treasury Select Committee, who in effect has added himself to the government payroll and has attempted to mothball the Treasury Committee.

As ever politicians remain susceptible to flattery and pretensions of power. Andrew Tyrie has half his conclusions already written as he usurps the powers of his committee. But has he got the bottle to ask the big questions? Are RBS and HSBC even more culpable in fixing Libor than Barclays? What other market manipulations are going on? What offshore companies are being used by banks to hide their assets and liabilities? From chocolate companies to football clubs, market manipulation has never been investigated properly. Unusual sources of offshore funding have never been established to have existed as stated – or even to have existed at all.

These are the big issues for investment banking, with Libor rigging being just one consideration in the scandal. Mr Tyrie has already put off the EU Commissioner, Michel Barnier, from attending the Treasury Committee next week. When will he be called? Will the EU proposals on restricting market manipulation be properly considered by his committee? How will Mr Tyrie compensate for an absence of women on his inquiry board? Tackling corporate culture starts with examining the role of the testosterone-fuelled boys on the trading floors, and I would happily have stood aside for Andrea Leadsom and Teresa Pearce. The old ways of doing things are not good enough, and they underpin the problem at the heart of British banking. The very least Mr Tyrie can do now is not hamper his own committee from doing the job it needs to do.

John Mann is a member of the Treasury Select Committee but will not sit on the new inquiry

React Now

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
iJobs Job Widget
iJobs General

Systems Tester - Functional/Non-Functional/Full Life Cycle

£20000 - £22000 per annum: Ashdown Group: Systems Tester - Functional/Non-Func...

SQL Developer with T-SQL, Watford, Hertfordshire - £350 - £360

£350 - £360 per day: Ashdown Group: SQL Developer with T-SQL, Watford, Hertfor...

Business Intelligence Consultant - Central London - £80,000

£65000 - £80000 per annum: Ashdown Group: Business Intelligence Consultant - C...

SEN Teaching Assistant

£70 - £85 per day: Randstad Education Group: SEN Teaching Assistants needed in...

Day In a Page

Read Next
These young British men featured in an Isis video urging Islamists in the West to join them in Iraq and Syria. About 30 British jihadists are believed to have died fighting alongside IS  

Isis in the UK: How the 'War on Terror' radicalised a generation

Alyas Karmani
Dance yourself happy: strutting their stuff is, apparently, better for people than visiting the gym  

How should we measure the 'worth' of our nation?

Dan Holden
How could three tourists have been battered within an inch of their lives by a burglar in a plush London hotel?

A crime that reveals London's dark heart

How could three tourists have been battered within an inch of their lives by a burglar in a plush London hotel?
Meet 'Porridge' and 'Vampire': Chinese state TV is offering advice for citizens picking a Western moniker

Lost in translation: Western monikers

Chinese state TV is offering advice for citizens picking a Western moniker. Simon Usborne, who met a 'Porridge' and a 'Vampire' while in China, can see the problem
Handy hacks that make life easier: New book reveals how to rid your inbox of spam, protect your passwords and amplify your iPhone

Handy hacks that make life easier

New book reveals how to rid your email inbox of spam, protect your passwords and amplify your iPhone with a loo-roll
KidZania lets children try their hands at being a firefighter, doctor or factory worker for the day

KidZania: It's a small world

The new 'educational entertainment experience' in London's Shepherd's Bush will allow children to try out the jobs that are usually undertaken by adults, including firefighter, doctor or factory worker
Renée Zellweger's real crime has been to age in an industry that prizes women's youth over humanity

'Renée Zellweger's real crime was to age'

The actress's altered appearance raised eyebrows at Elle's Women in Hollywood awards on Monday
From Cinderella to The Jungle Book, Disney plans live-action remakes of animated classics

Disney plans live-action remakes of animated classics

From Cinderella to The Jungle Book, Patrick Grafton-Green wonders if they can ever recapture the old magic
Thousands of teenagers to visit battlefields of the First World War in new Government scheme

Pupils to visit First World War battlefields

A new Government scheme aims to bring the the horrors of the conflict to life over the next five years
The 10 best smartphone accessories

Make the most of your mobile: 10 best smartphone accessories

Try these add-ons for everything from secret charging to making sure you never lose your keys again
Mario Balotelli substituted at half-time against Real Madrid: Was this shirt swapping the real reason?

Liverpool v Real Madrid

Mario Balotelli substituted at half-time. Was shirt swapping the real reason?
West Indies tour of India: Hurricane set to sweep Windies into the shadows

Hurricane set to sweep Windies into the shadows

Decision to pull out of India tour leaves the WICB fighting for its existence with an off-field storm building
Indiana serial killer? Man arrested for murdering teenage prostitute confesses to six other murders - and police fear there could be many more

A new American serial killer?

Police fear man arrested for murder of teen prostitute could be responsible for killing spree dating back 20 years
Sweetie, the fake 10-year-old girl designed to catch online predators, claims her first scalp

Sting to trap paedophiles may not carry weight in UK courts

Computer image of ‘Sweetie’ represented entrapment, experts say
Fukushima nuclear crisis: Evacuees still stuck in cramped emergency housing three years on - and may never return home

Return to Fukushima – a land they will never call home again

Evacuees still stuck in cramped emergency housing three years on from nuclear disaster
Wildlife Photographer of the Year: Intimate image of resting lions claims top prize

Wildlife Photographer of the Year

Intimate image of resting lions claims top prize
Online petitions: Sign here to change the world

Want to change the world? Just sign here

The proliferation of online petitions allows us to register our protests at the touch of a button. But do they change anything?