Libor inquiry gutted of critical MPs

By Ian Dunt

The two MPs who managed to draw blood from Bob Diamond have been left off the parliamentary Libor inquiry, according to reports.

Tory Andrea Leadsom and Labour MP John Mann have been dropped from the Libor investigation, despite the widespread recognition they received for interrogating the Barclays boss.

"Tyrie [the chairman of the Treasury committee and the Libor inquiry] had already reached his conclusions before he whitewashed Libor scandal," Mann tweeted angrily this morning.

The Treasury committee members who will sit on the Libor inquiry are understood to be John Thurso, Andrew Love, Pat McFadden and Mark Garnier.

Some of the MPs on the Libor inquiry - such as Love - were widely criticised for their inability to forensically question the Barclays boss or critically appraise his evidence.

Others performed relatively well, but the exclusion of the two most effective MPs will lead to questions about the inquiry's ability to get to the bottom of the scandal.

Leadsom, a former banker, was able to ask detailed questions about the culture and practise of the bank when it 'lowballed' its Libor rating. Mann's bombastic, aggressive approach made Diamond visibly uncomfortable.