UK to criminalise rate-rigging

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British finance minister George Osborne wants to make exchange rate manipulation a criminal offence in the UK.

But he’s rejected plans by Brussels to bring in four-year jail terms for fixing financial markets.

Osborne does not want those EU laws to apply in London, the biggest currency trading centre.

He’s already clashed with the European Union over laws limiting bankers’ bonuses. Britain has the right to opt out of rules involving criminal penalties.

Rejecting EU proposals is likely to please MPs in Osborne’s Conservative Party who oppose giving more powers to Brussels.

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