Labour warned David Cameron's Government it had made a "grave error of judgment" after it rejected calls for a full public inquiry into the banking scandal,
Shadow Chancellor Ed Balls said the public would not understand why such an investigation had not been ordered, especially if future abuses emerge.
Following extraordinarily angry clashes yesterday in the House of Commons, between the Labour frontbencher and Chancellor George Osborne, MPs voted last night to order a probe by MPs instead.
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