London - The British government has ordered an independent review into the workings of interbank lending rates, known as the London Interbank Offer Rate (LIBOR), a spokeswoman for Britain's Prime Minister said on Saturday.
The decision follows news earlier this week that U.S. and British authorities fined Barclays $450 million for manipulating the rate at which banks lend to each other overnight.
More banks are expected to be drawn into the scandal as the investigation continues and the affair has fuelled public outrage at the culture and practices of the banking industry.
No further details of the review were available. - Reuters