Labour: 'Banking reform is needed'

In response to the Treasury Select Committee's report on Libor, Chris Leslie, shadow financial secretary to the Treasury, says the Chancellor needs to initiate banking reform.

Shadow Financial Secretary Chris Leslie. Credit: Press Association

He said: "The Chancellor needs to take significant steps in the current Banking Reform Bill and beyond if he is to rebuild public and global market confidence in the UK financial services sector.

"We know that Libor manipulation extends beyond just Barclays and we need to see the full picture as soon as possible."

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MPs' Libor report scathing

The influential Treasury Select Committee has concluded ex-Barclays boss Bob Diamond was "highly selective" when he gave evidence to MPs on the Libor fixing scandal, and criticised the Bank of England and the FSA for their "failings" on the matter.