If you hadn’t heard of LIBOR at the start of last week, chances are that you have by now. MPs are grilling former banking boss Bob Diamond as I type!

This key interest rate is a measure of how much it would cost banks to borrow from each other. It is used as a benchmark interest rate for trillions of pounds of financial transactions around the world, and last week the FSA fined Barclays for attempting to manipulate it.

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