Labour signs up to bank probe by MPs after judge call rejected

Labour has agreed to take part in a parliamentary investigation into the banking scandal after its demand for a judge-led public inquiry was rejected last night.

Shadow chancellor Ed Balls said the party would co-operate with plans for MPs and peers to carry out the probe but insisted the case for an independent inquiry was stronger than ever.

Treasury select committee chairman Andrew Tyrie, who the government wanted to run the inquiry, had threatened to pull out unless there was cross-party support.

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