Bank of England

The former chief operating officer of Barclays, Jerry del Missier, has told MPs Bob Diamond instructed him to lower the bank's LIBOR submissions, on the orders of the Bank of England's deputy governor Paul Tucker.

Head of the Financial Services Authority (FSA) Lord Turner is set to face criticism from MPs today over the watchdog's slow reaction to LIBOR abuses, according to reports.

The US Treasury Secretary Tim Geithner warned Mervyn King and colleagues at the Bank of England about problems with the LIBOR rate in 2008, years before the scandal was revealed.

The Bank of England (BoE) considered buying bicycles so its officials could move around London in the event of a full-scale financial meltdown, it has been revealed.

GOSLING'S GROUSE

Bank of England deputy governor Paul Tucker has denied being asked by government officials to encourage banks to lower LIBOR submissions at the height of the crisis in 2008.

CBI economist Ian McCafferty has become an external member of the Bank of England's Monetary Policy Committee (MPC).

The European Central Bank has cut interest rates to a record low, from 1% to 0.75%, mimicking action taken around the globe today, as the authorities move to rescue the deteriorating global economy.

The Bank of England will continue with its quantitative easing programme until it owns all of the gilt market not controlled by life companies, according to Schroders' Gareth Isaac.

Indices across Europe are expected to open flat ahead of the anticipated moves from the ECB to cut interest rates and a further injection of QE from the Bank of England.