Gordon Brown and Ed Miliband are to be hauled in front of an official inquiry investigating the banking scandals that have engulfed the industry, according to Coalition sources.
The former Prime Minister and his successor as Labour leader could be asked to testify under oath within weeks after David Cameron ordered a parliamentary inquiry.
The investigation will consider the role of politicians in charge of regulating the industry, as well as the wider culture of the banking industry. But the exercise threatened to descend into acrimony last night as Labour MPs accused the Conservatives of playing politics and threatened a boycott. Labour also reiterated its call for an independent inquiry into the abuses, warning that the public will not trust politicians to investigate bankers.
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