'Speaking to a British parliamentary committee on Wednesday, Robert Diamond, who has resigned as Barclays Chief Executive Officer, blamed US and British authorities for the rate-rigging scandal.

Diamond said Barclays had raised concerns on several occasions with American and British authorities about discrepancies over how the London Interbank Offered Rate (Libor) was set. However, the London-based lender was not told to stop the practice.

Bitter personal exchanges between Osborne and Balls erupted on Thursday 5 June in the Commons as Osborne suggested that Balls had known about the lender’s manipulation of Libor, a measure of how much banks charge each other for loans.'

Read more: Barclays Scandal Reaches UK Politicians