UK central bank drawn into market manipulation scandal

UK central bank drawn into market manipulation scandal

LONDON — British politicians are seeking an investigation into allegations that the Bank of England was also involved in manipulating a key market interest rate during the financial crisis.

The BBC says it has a recording from 2008 between officials at Barclays bank that indicates the Bank of England was trying to influence the interest rate, called Libor.

Several banks have been fined billions for tampering with the interest rate, which is used to price services like loans globally.

Labour party lawmaker John McDonnell says “this is an extremely serious revelation that contradicts past assurances about the role of the Bank of England in the Libor scandal.”

The central bank told the BBC that Libor was not regulated at the time and that it has been helping in past investigations.

The Associated Press

Just Posted

Two to hospital after University of Victoria sailing mishap

Wind gusts capsize boat of recreational club sailors

Victoria’s deaf community advocates for different sign languages to be recognized on federal accessibility act

Advocates also want Indigenous Sign Language to be recognized on the Indigenous Language Act

Transport Canada announces funds for pollutant clean up in Victoria Park, removal of abandoned boats

Contaminants at Laurel Point Park will be removed starting at the end of September

Saanich ‘inside cat’ comes home two weeks later, two pounds lighter

The only one not excited about the return of Arthur, is the… Continue reading

Moon Lantern festival to light up Gordon Head

Saturday night festival celebrates harvest moon, fall season

Environment Canada confirms Ottawa area hit by two tornadoes Friday

At one point more than 200,000 hydro customers were blacked out

5 things to do this weekend in and around Greater Victoria

Sooke Apple Fest returns, Saanich lights up with lantern festival and anarchists unite for downtown book fair

B.C. VIEWS: Looking under the hood of ICBC’s war on crashes

Is our accident rate really soaring, or is it inefficiency?

Coaches, players on Alberta university rugby team buckle up for the Broncos

16 people died when Humboldt Broncos bus collided with a semi-truck in rural Saskatchewan

The Vatican ‘owes God an apology,’ activist says in letter to Pope Francis

Letter came after a report on sexual abuse of more than 1,000 children in six Pennsylvania dioceses

Lions earn stunning 35-32 OT win over Ticats

Epic comeback lifts B.C. past Hamilton in CFL thriller

Czarnik nets 3 as Flames dump Canucks 5-2

Calgary picks up exhibition win over Vancouver

Ottawa to name new ambassador for women, peace and security, Freeland says

Chrystia Freeland also confirmed Canada would spend about $25 million to fund number of initiatives

Most Read