The secret recording implicating the Bank of England in Libor rigging

A secret recording that implicates the Bank of England in Libor rigging has been uncovered by the BBC.

The 2008 recording adds to evidence the central bank repeatedly pressured commercial banks during the financial crisis to push their Libor rates down.

Libor is the rate at which banks lend to each other, setting a benchmark for mortgages and loans.

The Bank of England said Libor was not regulated in the UK at the time.

In this recording from 2008, a senior Barclays manager, Mark Dearlove, instructs Libor submitter Peter Johnson, to lower his Libor rates.

"The bottom line is you're going to absolutely hate this... but we've had some very serious pressure from the UK government and the Bank of England about pushing our Libors lower," Mr Dearlove said.