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Will we ever get to the bottom of the reasons for the current recession?

As the all-powerful Treasury select committee prepares itself for a serious grilling of some of the U.K.'s leading banking figures there is scepticism in many parts of the country as to whether we will ever get to the bottom of how the current economic climate was allowed to develop. While the Treasury select committee has the power to ask difficult questions and call expert witnesses, there are concerns that political influence could see the aggressive nature of past reviews toned down in this particular instance.

The UK government is likely to be nervous that a number of factors, which could cause embarrassment to the authorities and the banking sector, could be revealed under serious interrogation by the MPs on the select committee. In some circumstances this could cause more harm than good as the UK public could be made aware of the inner workings of the banking sector and the issues which seem to have triggered today's difficult economic climate.

It is interesting to see that, to date, no members of the UK government have yet been called or any representatives from the Bank of England. Whether a deal has been done with the select committee to avoid serious embarrassment or they may be called at a later stage remains to be seen.

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