UK to launch inquiry into banking George Osborne, UK finance minister, will on Monday announce an inquiry into standards in the banking industry following the Libor rate-fixing scandal, but will stop short of calling for a "Leveson-style" judge-led probe. The chancellor will tell the House of Commons that a full judicial review would be a waste of time and money. Sir Mervyn King, Bank of England governor, and Vince Cable, business secretary, have also rejected that model. But Mr Osborne is under pressure from the opposition Labour party for some kind of inquiry into standards in the City and his promise of a review of bank conduct may not go far enough to satisfy Ed Miliband, Labour leader. "We think there needs to be a full, public, independent inquiry into the practices, governance, professional integrity and regulatory authority for the banking and financial services sector," said a spokesman for Mr Miliband. The chancellor will also give details of a narrower inquiry into the operation of Libor - the interbank lending rate used as a basis for market interest rates - and propose criminal sanctions for those who try to manipulate it. Labour will on Monday table an amendment to the financial services bill - currently in the upper House of Lords - calling for a full public inquiry into the banking industry, which could be put to a vote on Tuesday. Meanwhile, Nick Clegg, deputy prime minister and leader of the Liberal Democrats, has ramped up the pressure on Bob Diamond by indicating he believed the Barclays chief executive should follow the lead of the bank's chairman, Marcus Agius, who confirmed on Monday that he was resigning, stating "the buck stops with me." Mr Clegg sidestepped calls to demand Mr Diamond's resignation, insisting it was not for politicians to hire and fire bankers, but, during a visit to a school in east London, he insisted the buck stopped at the top. "I'm like everybody else in this in that now that the chairman of Barclays has fallen on his sword and has taken responsibility for what has happened, everybody is asking when are the other senior people at the top of Barclays going to take responsibility for the things that happened on their watch," said Mr Clegg. "I don't think it is for politicians to individually hire and fire bankers, but I do think the buck stops at the top.""