Joseph Johnson: The shadow Chancellor seemed to suggest that the Chancellor was passing the buck to the Bank of England, and that the Bank was somehow conniving in LIBOR lying. Will the Chancellor confirm that the Financial Services Authority, in its investigation, found no evidence to suggest that the Bank of England at any point encouraged banks to low-ball their LIBOR rate?
Mr Osborne: The FSA's report is very clear about the interaction between the Bank of England and Barclays. Paragraph 176 says: "No instruction for Barclays to lower its LIBOR submissions was given" during the telephone conversation that caused the press interest.
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