Tuesday Jul 10, 201205:28 PM GMT
UK Tories dismiss apology demand
Tue Jul 10, 2012 5:27PM
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British Foreign Secretary William Hague has dismissed the Labour party’s demand for an apology regarding Chancellor George Osborne’s suggestion of their involvement with the Libor scandal.

“The chancellor said there are questions to answer. There remain questions to answer and I see no reason why he should apologize for that”, said the foreign secretary.

The top treasury spokesman for Labour, Ed Balls, said in a testimony on Monday 9 July by Paul Tucker, Deputy Governor for Bank of England, that he was in contact with officials instead of politicians over the Libor rates in 2008, in an attempt to reduce doubts about the former government’s involvement.

Balls said in a statement ““It is now absolutely clear that the chancellor’s allegations last week were totally false and completely without foundation,” he added, “George Osborne should now publicly withdraw these false allegations and apologize.”

Britain continues to suffer in a second recession as a result of the financial crisis and credit crunch. Therefore, the rate-rigging Libor scandal dispute puts more pressure on Osborne, since his March budget that included a series of U-turn policies.

Questions are being raised over Osborne’s judgment while he used the Libor scandal to attack his Labour rivals.

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