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Bank of England in shake-up after rate manipulation criticism

11 March 2014 Last updated at 23:19 GMT

The Bank of England will tighten its governance after criticism of its response to claims of manipulation of foreign exchange (forex) rates.

Governor Mark Carney told MPs on the Treasury Committee that it would create a new deputy governor position with responsibility for markets and banking.

He said the person would carry out "a root and branch review" of how the Bank conducts market intelligence.

Hugh Pym reports.