Cost of UK borrowing hits ten-year high

Banks borrowing sterling over a three-month period yesterday found the cost at a near-ten-year high as the major UK financial institutions sought medium-term funding to help them survive the financial volatility in the credit markets.

Libor, the London interbank offered rate, for three-month sterling reached 6.74% on Tuesday, its highest rate since the 1998 collapse of the Long Term Capital Management hedge fund.

Barclays revealed that it was paying the highest rate of all banks for three-mon

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