Bank boss King tells MPs he's not to blame

Bank of England boss Mervyn King told MPs he was not to blame for failing to spot the rate-rigging scandal engulfing the industry amid mounting accusations over the central bank’s role..

In a tense Treasury Select Committee hearing, King denied the Bank put pressure on Barclays to lower its inter-bank lending rate submissions at the height of the financial crisis and rejected suggestions that he ignored warnings over Libor more than four years ago.