Libor scandal: Downing Street rejects George Osborne apology calls

Chancellor George Osborne has no need to apologise to Ed Balls for suggesting he was involved in fiddling interbank lending rates, Downing Street has said.

The prime minister’s spokesman said it was a “political row” and Mr Osborne was right not to back down.

Mr Balls has demanded an apology after Mr Osborne said he had “questions to answer” and Labour ministers were “clearly involved” in pressuring banks.

Some senior Tories have said Mr Osborne may have overstepped the mark.

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