The U.K. Chancellor of the Exchequer, George Osborne, is increasing the budget of the Serious Fraud Office (SFO) as political pressures are heating up around allegations of banks manipulating Libor rates. The additional funds are to go toward the preparation of criminal investigations into the charges. The agency’s budget in 2008 was £52 million; this year, it is £32 million. The SFO had unsuccessfully lobbied the government for a greater budget.
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