Libor or London Interbank offered rate was a key benchmark in the setting of interest rates for companies and consumers. But it was hardly regulated at all and blew up in a huge scandal at the height of the financial crisis 15 years ago when it emerged that the banks that set this key benchmark weren’t exactly being honest.

Joe's former BBC colleague and economics correspondent has written a book about how regulators didn’t want to know, and nor of course did the senior management of the banks. Andy Verity BBC Economics correspondent and author of the book Rigged joined Joe on the show this morning.