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Ed Bowsher

"It just seems to be the thing that won't go away..." Chris Justham on the latest Libor rigging allegations

Ed Bowsher
Original Broadcast:

Share Radio Afternoon

"It just seems to be the thing that won't go away..." Chris Justham on the latest Libor rigging allegations
New evidence suggests the Bank of England may have been involved in the Libor rigging scandal. A secret recording from 2008 uncovered by the BBC suggests that the UK's central bank pressured commercial banks to push Libor rates down during the Financial Crisis. Libor is the rate at which banks lend to each other, setting a benchmark for mortgages and loans for ordinary customers. In one section of the recording, Senior Barclays manager Mark Dearlove speaks to Libor submitter Peter Johnson, telling him: "The bottom line is you're going to absolutely hate this... but we've had some very serious pressure from the UK government and the Bank of England about pushing our Libors lower." Ed Bowsher was joined by Chris Justham of 7IM.

Guest: Chris Justham