The U.K.'s opposition Labour Party demanded the introduction of a new economic-crime law to help prevent future financial scandals such as the manipulation of the Libor benchmark.

The party's home-affairs spokeswoman, Yvette Cooper, told the party's annual conference in Manchester, northern England, today that the law would provide clarity for the police and prosecutors and determine which agencies should tackle financial fraud.

"Look at the Libor scandal that emerged this summer," Cooper said. "It is a multibillion-pound fraud. People were fiddling figures to get rich, while small businesses paid the price. Yet no one has been arrested."

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