MP hits out at bank scam

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CHICHESTER MP Andrew Tyrie has labelled the latest banking scandal which has led to the resignation of Barclays CEO Bob Diamond, as ‘the most damaging scam I can recall’.

The former economist and head of the treasury select committee has been approached by government to lead the inquiry into how vital inter-bank Libor interest rates were manipulated by city traders. As part of the investigation the actions of a number of leading high street banks will come under scrutiny, with attention focusing in particular on Barclays, which has been fined £290m.

Mr Tyrie said: ‘It appears that many banks were involved and Barclays were the first to own up.

‘This is the most damaging scam I can recall.’