UK seeks urgent Libor reform

Policy ideas on Libor reform due Aug. 10

LONDON, July 30 (Reuters) – Britain is seeking urgent reform of the key interest rate rigged by a number of banks, including Barclays, in a transatlantic scandal that is threatening to seriously damage London’s reputation as a financial centre.

The government on Monday set the terms for a swift review of Libor, to be carried out by regulator Martin Wheatley in time for recommendations to be included in a draft law making its way through parliament.

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