July 7th, 2016
Episode 768 of 899 episodes
The Libor scandal was one of the things that, for many, symbolised all that was wrong in Britain's financial centre in the run-up to the financial crisis. Libor is the interest rate at which banks lend money to each other. It's estimated to affect the cost of $350 trillion dollars worth of deals - or five times the value of everything produced in the world in a year. Meanwhile, the vote in the UK to leave the European Union has set off a beauty contest among European cities, eager to pick up the banking and financial business that they hope will now leave London. Paris, Dublin and Berlin have all been encouraging British businesses to relocate. And we talk to economist Irwin Stelzer of the Hudson Institute about Donald Trump. Mr Trump says if he becomes President, a trade deal between the UK and the US will be a priority.