Mr Davis stated that the LIBOR scandal was caused by senior executives pressuring lower-ranking employees to submit inaccurate interest rate estimates. He emphasised that critical evidence was concealed, leading to wrongful convictions of whistleblowers and low-ranking bankers. Mr Davis suggested that these cases should be re-examined by the Supreme Court or through a fresh parliamentary inquiry.

Mr McDonnell thanked Mr Davis for bringing attention to the LIBOR scandal, acknowledging it as a miscarriage of justice. He suggested delaying any police inquiries until after a Select Committee inquiry is confirmed, emphasising that such an investigation should cover all involved parties including Treasury officials and regulatory bodies.

Congratulates the Member for Haltemprice and Howden on securing the debate, recognises the work done to raise awareness of LIBOR issues. Emphasises that LIBOR was once a critical financial benchmark impacting over $400 trillion in contracts globally. Explains how post-2008, due to decreased liquidity, LIBOR became vulnerable to manipulation leading to its wind-down process by regulators and banks. Discusses the LIBOR scandal of 2012 where bankers manipulated rates for personal gain resulting in criminal prosecutions and fines. Highlights government actions including the Wheatley review and Financial Services Act 2012 which brought LIBOR under FCA jurisdiction, making manipulation a crime. Acknowledges concerns about state involvement but refers to previous evidence provided by Paul Tucker and expects Treasury Committee to respond appropriately.