Bloomberg News

Balls Says Osborne Allegations Against Him Are ‘Baseless’

July 05, 2012

Ed Balls, who is in charge of Treasury policy for the U.K. opposition Labour Party, said allegations made by Chancellor of the Exchequer George Osborne that he had leaned on the Bank of England to pressure Barclays Plc (BARC) to lower their submissions to set the London interbank offered rate in 2008 are “baseless.”

“He cannot defend here what he whispers to the Spectator,” Balls said of the allegations made in an interview with the weekly news magazine. “He has no evidence and he knows it.”

Osborne’s allegations were “utterly false and untrue,” Balls said, calling on Osborne to withdraw the comments in Parliament in London today.

“He should either present the evidence or withdraw the allegation against me right now,” Balls said.

To contact the reporter on this story: Gonzalo Vina in London at

To contact the editor responsible for this story: Eddie Buckle at

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