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Jul 2, 2012

UK to launch parliamentary inquiry into Libor scandal

LONDON (Reuters) – Britain’s parliament will investigate an interest-rate fixing scandal that has rocked London’s banking sector, in a wide-ranging inquiry which a source said would encompass issues such as culture and standards in the industry.

“I want us to establish a full parliamentary committee of inquiry involving both houses,” Prime Minister David Cameron told parliament on Monday, stopping short of giving further details on its full remit.

Jul 2, 2012

UK’s Osborne to launch wide review of banks -source

LONDON, July 2 (Reuters) – Britain will announce a
broader-than-expected review into the banking industry on
Monday, looking at culture and standards as well as the causes
of an interest rate-fixing scandal, a source familiar with the
situation said.

The government has come under increasing pressure to take a
closer look at the sector which has felt the full force of
public anger since taxpayers bailed out several banks during the
2008-9 financial crisis.

Jun 28, 2012

Barclays chief under fire for rate fixing scandal

LONDON, June 28 (Reuters) – Britian’s Prime Minister and
Barclays shareholders have piled pressure on the bank’s Chief
Executive Bob Diamond over attempts to manipulate lending rates.

In a scandal that has raised anger over how financial
markets operate and is expected to engulf other banks, shares in
Barclays tumbled as much as 18 percent at one point on
Thursday, wiping out 4.2 billion pounds from its share price -
the biggest one-day fall since 2009, according to Reuters data.

Jun 28, 2012

UK drafts in fraud squad as Libor fine hits Barclays

LONDON, June 28 (Reuters) – Britain said on Thursday it had
brought in the fraud squad to investigate possible crimes and
would tighten laws over attempts to manipulate lending rates, a
scandal which has engulfed Barclays and is expected to spread to
other banks.

Shares in Barclays tumbled as much as 18 percent at
one point by midday trade, wiping out 4.2 billion pounds from
its share price – the biggest one-day fall since 2009, according
to Reuters data. Shares were down 14.8 percent at 1513 GMT.

Jun 27, 2012

Government set for the Lords reform war

LONDON (Reuters) – After 100 years of haggling, the government aims to drag parliament’s unelected upper house into democracy, laying out bold plans on Wednesday that could shake the Conservative-Liberal Democrat coalition to its core.

The Lords, where more than 800 aristocrats, political appointees and clergy flock to pore politely over new laws, stands as a relic from an age where power came from privilege, preserved only by disagreement on how to reform it.

Jun 27, 2012

British coalition set for upper house reform war

LONDON (Reuters) – After 100 years of haggling, Britain’s government aims to drag parliament’s unelected upper house into democracy, laying out bold plans on Wednesday that could shake the Conservative-Liberal Democrat coalition to its core.

The House of Lords, where more than 800 aristocrats, political appointees and clergy flock to pore politely over new laws, stands as a relic from an age where power came from privilege, preserved only by disagreement on how to reform it.

Jun 27, 2012

Public borrowing rises as income tax falls

LONDON (Reuters) – The government borrowed more than expected in May after income tax receipts fell and spending rose, in a sign the Conservative-Liberal Democrat coalition may struggle to meet its austerity target this year as the euro zone crisis rumbles on.

Britain’s economy fell into its second recession in four years at the start of 2012, and Chancellor George Osborne has admitted his deficit reduction plan would take two more years than planned because of a weaker than expected economy.

Jun 26, 2012

Government delays fuel duty hike until January

LONDON (Reuters) – Chancellor George Osborne said on Tuesday he would freeze a planned rise in fuel duty this year to help reduce costs for businesses and families, yet another U-turn by a Conservative-led government struggling in opinion polls.

The Conservative-Liberal Democrat administration will be hoping the move helps it win back some favour after a poorly received March budget triggered a fierce backlash over unpopular tax rises, several of which were subsequently reversed.

Jun 26, 2012

Britain delays fuel duty hike until January

LONDON, June 25 (Reuters) – Britain’s finance minister
George Osborne said on Tuesday he would freeze a planned rise in
fuel duty this year to help reduce costs for businesses and
families, yet another U-turn by a Conservative-led government
struggling in opinion polls.

The Conservative-Liberal Democrat administration will be
hoping the move helps it win back some favour after a poorly
received March budget triggered a fierce backlash over unpopular
tax rises, several of which were subsequently reversed.

Jun 22, 2012

Myanmar’s Suu Kyi makes history with UK parliament address

LONDON (Reuters) – Myanmar democracy champion Aung San Suu Kyi became the first non-head of state to address both houses of Britain’s parliament on Thursday in a rare honour she used to ask for help in bringing democracy to the former British colony.

Cutting a tiny figure in parliament’s cavernous and historic Westminster Hall, the 67-year-old Nobel Peace laureate and opposition leader received a standing ovation on arrival, introduced as “the conscience of a country and a heroine for humanity”.

    • About Matt

      "I cover all aspects of government policy from the British parliament, but concentrate on Number 10, fiscal policy at the Treasury, and monetary policy at the Bank of England. I am based in our parliament office in Westminster and in our UK bureau in East London."
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