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Ed Balls and George Osborne clash in Commons over Libor

Chancellor George Osborne and his opposite number Ed Balls were involved in angry exchanges as MPs debated proposals for an inquiry into the banking scandal.

The pair clashed after Mr Osborne accused the shadow chancellor of being involved in the Libor rate-rigging scandal.

Mr Balls denied any involvement and claimed Mr Osborne's "cheap and partisan" conduct "demeans the office he holds".