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Britain 'would lose influence' outside EU

Britain would lose influence if it were to leave the European Union, the Vice-President of the European Commission has said.

Viviane Reding said she believes the UK should be a "central part" of the European Union. Credit: PA

Speaking in Cambridge, Viviane Reding said that a UK outside the EU "would have to live with the rules decided on by the other EU countries".

Ms Reding said talks of renegotiations and referenda "distracts from the real issue".

"Finding more solutions like the ones [found for the banking and financial sector] is what we should all be focusing our energy and creativity on."

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Record £1.4bn bank fines to go into the EU's budget

The 1.7 billion euros (£1.4 billion) fines for eight major banks imposed by the European Commission for rigging benchmark interest rates is to be ploughed back into the EU's budget, says ITV News Business Editor Laura Kuenssberg:

European Commission 'determined' to fight rate-rigging

The European Commission said it is "determined to fight and sanction" rate-rigging cartels formed by some banks.

Vice president of competition policy Joaquin Almunia said:

Today's decision sends a clear message that the Commission is determined to fight and sanction these cartels in the financial sector.

Healthy competition and transparency are crucial for financial markets to work properly, at the service of the real economy rather than the interests of a few.

The sanctions - the first from the European Commission on rate manipulation - are the highest yet for European anti-trust enforcement.

Barclays immune from potential €690m (£573m) fine

Barclays is immune from a potential €690 million (£573 million) penalty after the bank blew the whistle on the Euribor cartel.

Barclays is among the banks found to have formed cartels to fix two benchmark interest rates. Credit: REUTERS/Suzanne Plunkett

The Euribor is the euro area equivalent of the London interbank offered rate (Libor).

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RBS and Barclays among banks 'that acted as a cartel'

Some banks 'braced for €800 million penalties'

The European Commission is expected to announce more fines for banks over the rate-rigging scandal, as ITV News business editor Laura Kuenssberg writes:

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