UK Chancellor to Promise Action on Currency-Market Manipulators

UK Chancellor to Promise Action on Currency-Market Manipulators

Chancellor George Osborne will on Thursday announce new measures targeting the “unacceptable behaviour” of certain parts of the financial sector.

He is expected to announce measures that would make manipulation of the foreign currency markets a criminal offence.

Osborne will target “the unacceptable behaviour of the few and ensure that markets are fair for the many who depend on them” during his Mansion House speech, according to extracts released by his office.

The chancellor will unveil plans to address the Libor interest rate-fixing scandal and extend legislation to include those who trade in commodities and in the fixed income market.

“The integrity of the City matters to the economy of Britain,” he will warn.

“Markets here set the interest rates for people’s mortgages, the exchange rates for our exports and holidays, and the commodity prices for the goods we buy. I am going to deal with abuses.”

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