This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-18778111#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

The article has changed 10 times. There is an RSS feed of changes available.

Version 0 Version 1
Libor scandal: George Osborne urged to apologise to Ed Balls Libor scandal: George Osborne urged to apologise to Ed Balls
(about 2 hours later)
Chancellor George Osborne should apologise to Ed Balls for saying he had "questions to answer" over the Libor scandal, a Conservative MP has said.Chancellor George Osborne should apologise to Ed Balls for saying he had "questions to answer" over the Libor scandal, a Conservative MP has said.
It comes after Bank of England Deputy Governor Paul Tucker said no ministers asked him to "lean on" Barclays over its inter-bank lending rates in 2008. It comes after Bank of England deputy governor Paul Tucker said no ministers asked him to "lean on" Barclays over its inter-bank lending rates in 2008.
Andrea Leadsom, who is on the Treasury Select Committee, said Mr Osborne "made a mistake" and "he should apologise".Andrea Leadsom, who is on the Treasury Select Committee, said Mr Osborne "made a mistake" and "he should apologise".
Mr Osborne's aides have said he accepts Mr Balls was not involved.Mr Osborne's aides have said he accepts Mr Balls was not involved.
But Labour's Chris Leslie, shadow financial secretary to the Treasury, has called on Mr Osborne to "publicly withdraw these false allegations and apologise".But Labour's Chris Leslie, shadow financial secretary to the Treasury, has called on Mr Osborne to "publicly withdraw these false allegations and apologise".
'Valid discussion''Valid discussion'
And when asked on BBC Radio 4's World Tonight programme whether Mr Osborne should apologise, Mrs Leadsom said: "Yes I do. I mean I think obviously he made a mistake and I think he should apologise," she said.And when asked on BBC Radio 4's World Tonight programme whether Mr Osborne should apologise, Mrs Leadsom said: "Yes I do. I mean I think obviously he made a mistake and I think he should apologise," she said.
The Conservative MP went on: "I think it was a very valid discussion at the time about who knew what and it has now been completely squashed by Paul Tucker."The Conservative MP went on: "I think it was a very valid discussion at the time about who knew what and it has now been completely squashed by Paul Tucker."
She said "at a personal level", the chancellor "will probably would want to apologise", although she added that was a matter for Mr Osborne. She said "at a personal level", the chancellor "probably would want to apologise", although she added that was a matter for Mr Osborne.
BBC political correspondent Gary O'Donoghue said there was a sense from some Tory MPs he had spoken to that the chancellor "may have messed up on this" because the attack went wrong and "he didn't have the evidence to back up what he was saying".BBC political correspondent Gary O'Donoghue said there was a sense from some Tory MPs he had spoken to that the chancellor "may have messed up on this" because the attack went wrong and "he didn't have the evidence to back up what he was saying".
Our correspondent also said Labour believed there was more political mileage in the row.Our correspondent also said Labour believed there was more political mileage in the row.
It began last week when Mr Osborne told the Spectator that "people around Gordon Brown" while he was prime minister had "questions to answer" over allegations from Barclays that "senior Whitehall figures" had put pressure on them to post artificially low Libor rates.It began last week when Mr Osborne told the Spectator that "people around Gordon Brown" while he was prime minister had "questions to answer" over allegations from Barclays that "senior Whitehall figures" had put pressure on them to post artificially low Libor rates.
"My opposite number was the City minister for part of this period and Gordon Brown's right hand man for all of it. So he has questions to answer as well. That's Ed Balls, by the way," he added."My opposite number was the City minister for part of this period and Gordon Brown's right hand man for all of it. So he has questions to answer as well. That's Ed Balls, by the way," he added.
And during a Commons debate, Mr Osborne urged his shadow counterpart to "explain what Labour's involvement was, who were the ministers, who had the conversation, who were the senior figures".And during a Commons debate, Mr Osborne urged his shadow counterpart to "explain what Labour's involvement was, who were the ministers, who had the conversation, who were the senior figures".
But Mr Balls called on the chancellor to withdraw the "false, personal accusations", describing them as "cheap, partisan and desperate".But Mr Balls called on the chancellor to withdraw the "false, personal accusations", describing them as "cheap, partisan and desperate".
'Wrong impression''Wrong impression'
On Monday, Mr Tucker was asked by the Treasury Select Committee whether any government official or minister in 2008 had asked him "to lean on" Barclays or any other bank to lower their Libor submissions.On Monday, Mr Tucker was asked by the Treasury Select Committee whether any government official or minister in 2008 had asked him "to lean on" Barclays or any other bank to lower their Libor submissions.
Specifically, he was asked about Shriti Vadera, an adviser to then-Prime Minister Gordon Brown, shadow chancellor Ed Balls, who was then a Labour minister, and the then Downing Street chief of staff Sir Jeremy Heywood.Specifically, he was asked about Shriti Vadera, an adviser to then-Prime Minister Gordon Brown, shadow chancellor Ed Balls, who was then a Labour minister, and the then Downing Street chief of staff Sir Jeremy Heywood.
Rejecting claims that any of them had asked him to pressure Barclays to lower its Libor submissions, his response each time was "absolutely not".Rejecting claims that any of them had asked him to pressure Barclays to lower its Libor submissions, his response each time was "absolutely not".
He also told the MPs he did not instruct Barclays instructions to lower its Libor submissions in 2008 and that ex-Barclays boss Bob Diamond's account of a conversation between them gave "the wrong impression".He also told the MPs he did not instruct Barclays instructions to lower its Libor submissions in 2008 and that ex-Barclays boss Bob Diamond's account of a conversation between them gave "the wrong impression".
Mr Tucker said that Mr Diamond's resignation from Barclays last week was the right decision because "absolutely decisive action was needed to start a new chapter".Mr Tucker said that Mr Diamond's resignation from Barclays last week was the right decision because "absolutely decisive action was needed to start a new chapter".
Barclays chairman Marcus Agius is set to give evidence to the Treasury Select Committee on Tuesday.Barclays chairman Marcus Agius is set to give evidence to the Treasury Select Committee on Tuesday.
He is expected to be asked about fines issued against the bank and Mr Diamond's resignation.He is expected to be asked about fines issued against the bank and Mr Diamond's resignation.
Emails released on Monday revealed that the BoE had almost daily contact with Barclays over inter-bank lending at the end of October 2008.Emails released on Monday revealed that the BoE had almost daily contact with Barclays over inter-bank lending at the end of October 2008.
At this time, during the height of the financial crisis, Barclays was trying to manipulate Libor rates by submitting lower borrowing rates.At this time, during the height of the financial crisis, Barclays was trying to manipulate Libor rates by submitting lower borrowing rates.
These rates, submitted by a number of banks, go into calculating the daily Libor, or London inter-bank lending rate, which is the basis for millions of daily financial transactions.These rates, submitted by a number of banks, go into calculating the daily Libor, or London inter-bank lending rate, which is the basis for millions of daily financial transactions.