Barclays and Libor Fixing

Calls today came for the resignation of Bob Diamond the boss of Barclays Bank after the bank has been found to have adjusted the  inter-bank lending rate – known as the The Libor rate (the average interest rate that leading banks in London charge when lending to other banks) to it’s own favour. David Cameron says Barclays has “serious questions to answer” over Libor fixing and George Osborne describes the scandal as a “shocking indictment” of the banks amid calls for the bank’s chief executive Bob Diamond to resign. George Osborne on Thursday threatened tougher sanctions for banks after Barclays … Continue reading Barclays and Libor Fixing

HM Treasury announce Banking Reforms

The Government is today publishing its response to the report by the Independent Commission on Banking (ICB), which sets out plans to fundamentally reform the structure of banking in the UK. This response agrees with the ICB’s recommendations and outlines how the Government will legislate to create a stable banking sector that supports lending to businesses and families, and removes the implicit taxpayer guarantee in the event of a bank failure. The Government will implement the ICB’s advice in stages with the full package of reforms completed by 2019. All necessary legislation will therefore be put in place by the … Continue reading HM Treasury announce Banking Reforms