John Thurso MP to lead banking inquiry

CAITHNESS, Sutherland and Easter Ross MP John Thurso has been elected to lead an inquiry into how the banking system is run.

The Lib Dem politician has been chosen as one of five representatives who will undertake the investigation.

The others are Labour’s Andy Love and Pat McFadden along with Conservatives Mark Garer and Andrew Tyrie.

The inquiry was set up by Prime Minister David Cameron following the Libor interbank borrowing rate scandal.

Speaking before the announcement, John Thurso said he would be pleased to take part.

He said: “It is an extremely important inquiry and it will be able to hire a team of smart lawyers and accountants to help delve into specific areas.”

The MP, who has been a member of the Treasury Select Committee, for several years, said the probe would examine various aspects of banking culture.