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'Time for action' to regulate Libor rate say Tories

"Tough and proportionate" regulation of the Libor interest rate, used for lending between banks, is needed said Mark Hoban, Financial Secretary to the Treasury, who admitted the area had been left unregulated.

He was speaking after Barclays was fined £290m ($450m) for manipulating the rate which is set every day by the British Bankers' Association.

Speaking to Radio 4's The World At One, Hoban said the government would "learn the lessons of the past" to make banking regulation more stable and sustainable.

  • 28 Jun 2012
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