Labour vows to hold public inquiry into UK financial sector | Financial Times

An incoming Labour government would launch a public inquiry into Britain’s financial industry to “reveal and root out corruption”, under a plan being drawn up by shadow chancellor John McDonnell.

He wants to hold a 12-month public inquiry, set up under the 2005 Inquiries Act, to take evidence under oath into misconduct in the financial sector.

Mr McDonnell will argue that the City of London has failed to clean itself up since the financial crisis of 2007-08, citing a string of recent scandals including the Woodford Equity Income Fund, London Capital & Finance, HBOS and the Global Restructuring Group of RBS.

“It will put the facts on the table, get immoral and unlawful practices out in the open, and make clear what needs to change for finance to serve people and the wider economy,” Mr McDonnell told the FT.

via Labour vows to hold public inquiry into UK financial sector | Financial Times

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