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World Business Report: First broadcast 2016/07/07 22:32 GMT: Libor Scandal Bankers Jailed

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First broadcast 2016/07/07 22:32 GMT

First broadcast 2016/07/07 22:32 GMT: Libor Scandal Bankers Jailed

Libor Scandal Bankers Jailed

BBC World Service - World Business Report, Libor Scandal Bankers Jailed

Four former bankers have been jailed for their parts in the so-called Libor scandal.

Four former bankers jailed for their part in rigging the Libor interest rate, which banks use to lend money to one another.

The Libor scandal was one of the things that, for many, symbolised all that was wrong in Britain's financial centre in the run-up to the financial crisis. Libor is the interest rate at which banks lend money to each other. It's estimated to affect the cost of $350 trillion dollars worth of deals - or five times the value of everything produced in the world in a year. Meanwhile, the vote in the UK to leave the European Union has set off a beauty contest among European cities, eager to pick up the banking and financial business that they hope will now leave London. Paris, Dublin and Berlin have all been encouraging British businesses to relocate. And we talk to economist Irwin Stelzer of the Hudson Institute about Donald Trump. Mr Trump says if he becomes President, a trade deal between the UK and the US will be a priority.

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First broadcast 2016/07/07 22:32 GMT: Libor Scandal Bankers Jailed

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