By Simon Miller

The Serious Fraud Office (SFO) has announced that it is to investigate the Libor manipulation scandal.

Following Barclays' fines for its part in the manipulation of the Libor and Euribor rates, the SFO's director David Green QC has today "decided formally to accept the Libor matter for investigation".

The decision comes after the House of Commons voted in favour of a cross-party and cross-house parliamentary inquiry into the scandal but attorney general, Dominic Grieve warned that a speedy investigation would potentially threaten to prejudice a criminal trial.

“If there are criminal investigations or enquiries then it will be difficult. Any inquiry by this House will have to be managed in light of that process because it mustn’t interfere with it," he told MPs.

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