The Libor scandal is not only not going away, but a story that was first broken by the Journal four years ago has mushroomed in the past month. The investigation now spans three continents and includes at least 15 of the world’s biggest banks.
Labour leader Ed Miliband has called for a criminal investigation into the scandal and said anyone found to have broken the law should face prosecution.
Chancellor George Osborne is due to give a statement to the House of Commons on the Barclays scandal at midday.
Banking giant Barclays is to pay penalties of £290 million to settle claims that it manipulated the interbank lending rate.
The bank was fined £59.5 million – the largest imposed by City watchdog the FSA – and also agreed payments to authorities in the US.
Chief executive Bob Diamond apologised for the incident and said that he and fellow executives Chris Lucas, Jerry del Missier and Rich Ricci have agreed not to take a bonus this year.