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World Bulletin / News Desk

Britain will launch a parliamentary inquiry into its banking industry to examine its culture and standards as well as the causes of an interest rate-fixing scandal, Prime Minister David Cameron said on Monday.

"On the unfolding banking scandal here in the UK, we need to take action right across the board," Cameron told parliament.

"I want us to establish a full parliamentary committee of inquiry involving both houses, chaired by the chairman of the commons treasury select committee (Andrew Tyrie)," Cameron said.

"This committee will be able to take evidence under oath, it will have full access to papers and officials and ministers including ministers and special advisers from the last government," he said.