Review of LIBOR arrangements is overdue, but it does not go far enough

Ed Balls MP, Labour’s Shadow Chancellor, responding to the government’s review of LIBOR arrangements, said:

“This limited review is welcome and overdue, but it does not go far enough. We need the proper independent and public inquiry into the culture of banking that Ed Miliband and I have demanded.

“The LIBOR arrangements in place now date back to the 1980s. They are a clear example of failed self-regulation. But the Government has been dragging its feet on reform in this area.

“Even when this scandal was starting to emerge in March this year, when we raised this issue as the Financial Services Bill was being debated, why did Treasury Ministers complacently refuse to even consider change? Why has theChancellor been so reluctant to act?”

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Posted June 30th, 2012 by Ed's team