Labour will seek to ramp up pressure on the government today by tabling an amendment to the financial services bill (currently going through the Lords) before 5pm today. Speaking to LabourList earlier a Labour source told us that the amendment will seek to establish a full, open and independent public enquiry into the financial services sector – looking at culture and integrity within the banking industry as well as financial practices.
Once in the Lords the aim will be to win the support of Lib Dem and crossbench peers – as well as some Tory peers too.
However what that amendment looks like may depend on what George Osborne tells the Commons when he addresses them on the LIBOR scandal later this afternoon.
We’ll bring you more on Labour’s proposed amendment when we have it.