According to media&nbsp;reports, personal protective equipment (PPE) worth an estimated £1.4 billion that the government purchased in a single transaction during the epidemic has been destroyed or 'written off'.

According to data shared by the BBC, Full Support Healthcare, a Northamptonshire-based provider, supplied at least 1.57 billion PPE pieces that would never be utilised.

In April 2020, the business signed a £1.78 billion contract with the government to supply respirators, aprons, face masks, and eye protection. This was the biggest Covid-19 PPE order, accounting for&nbsp;about 13% of the government's entire expenditure, according to the BBC article.

“We know that billions of pounds were wasted during the pandemic on corruption and incompetence by the Conservatives, but this is the worst example I have ever seen," shadow health secretary Wes Streeting said.

“£1.4bn on one contract, paying for PPE that was never used, and Rishi Sunak’s fingerprints are all over it. That is money that could have been used to pay the salaries of 37,000 NHS nurses," he added.

Only 232 million of the 2.02 billion PPE items that Full Support Healthcare supplied have been sent to the NHS or other care settings.

The BBC reports that 825 million more items are categorised as surplus stock, and that around 749 million items have already been burnt or destroyed.

Also read:&nbsp;<a href="https://www.wionews.com/world/watch-korean-air-flight-drops-25000-feet-mid-air-passengers-share-harrowing-experiences-735076">Watch: Korean Air flight drops 25,000 feet mid-air, passengers share harrowing experiences</a>

Prior to this, the government predicted that PPE obtained under the deal, valued around £85 million, would not be used.

Since its purchase, the BBC report claimed, at least £100 million more in public funds have been used for the storage and destruction of the surplus stock.

“We do not recognise the £1.4 billion quoted. Our position on PPE stock is set out in the department’s annual accounts as audited by the National Audit Office," a Department of Health and Social Care (DHSC) spokesperson said.

Amounts spent on PPE of £13.6 billion were written off, according to DHSC records shared in January. This was because some items were not fit or damaged, while others would not be utilised before they expired.

The government intends to get rid of "nearly all" of the PPE gear that is now kept in warehouses and containers, according to a National Audit Office (NAO) accountability report.

(With inputs from agencies)

According to media reports, personal protective equipment (PPE) worth an estimated £1.4 billion that the government purchased in a single transaction during the epidemic has been destroyed or 'written off'.

According to media reports, personal protective equipment (PPE) worth an estimated £1.4 billion that the government purchased in a single transaction during the epidemic has been destroyed or 'written off'. According to data shared by the BBC, Full Support Healthcare, a Northamptonshire-based provider, supplied at least 1.57 billion PPE pieces that would never be utilised. In April 2020, the business signed a £1.78 billion contract with the government to supply respirators, aprons, face masks, and eye protection. This was the biggest Covid-19 PPE order, accounting for about 13% of the government's entire expenditure, according to the BBC article. “We know that billions of pounds were wasted during the pandemic on corruption and incompetence by the Conservatives, but this is the worst example I have ever seen," shadow health secretary Wes Streeting said. “£1.4bn on one contract, paying for PPE that was never used, and Rishi Sunak’s fingerprints are all over it. That is money that could have been used to pay the salaries of 37,000 NHS nurses," he added. Only 232 million of the 2.02 billion PPE items that Full Support Healthcare supplied have been sent to the NHS or other care settings. The BBC reports that 825 million more items are categorised as surplus stock, and that around 749 million items have already been burnt or destroyed. Also read: Watch: Korean Air flight drops 25,000 feet mid-air, passengers share harrowing experiences Prior to this, the government predicted that PPE obtained under the deal, valued around £85 million, would not be used. Since its purchase, the BBC report claimed, at least £100 million more in public funds have been used for the storage and destruction of the surplus stock. “We do not recognise the £1.4 billion quoted. Our position on PPE stock is set out in the department’s annual accounts as audited by the National Audit Office," a Department of Health and Social Care (DHSC) spokesperson said. Amounts spent on PPE of £13.6 billion were written off, according to DHSC records shared in January. This was because some items were not fit or damaged, while others would not be utilised before they expired. The government intends to get rid of "nearly all" of the PPE gear that is now kept in warehouses and containers, according to a National Audit Office (NAO) accountability report. (With inputs from agencies)

UK: PPE worth £1.4 billion purchased during pandemic destroyed or unused - Reports

UK and US regulators were aware of and participated in a state-led effort to manipulate interest rates during the 2008 financial crisis. As per a BBC report, newly uncovered evidence suggests that the regulators concealed this information.

The evidence as cited by the BBC report suggests that lenders made a significant cut to their interest rate estimates under pressure from central banks. However, when bankers were later prosecuted for smaller-scale interest rate "rigging", this evidence was not presented in court.&nbsp;

While regulators have previously faced allegations of involvement in interest rate manipulation, this evidence reveals a broader international effort by central banks across the Western world.&nbsp;

Allegedly, central banks, including the Bank of England, Banque de France, European Central Bank, Banca d'Italia, Banco de Espana, and the Federal Reserve Bank of New York, intervened extensively in setting Libor and Euribor rates — benchmark interest rates that track how much it costs banks to borrow from one another — in October 2008.&nbsp;

These actions were apparently aimed at artificially restoring calm to the market during a time when bank lending was nearly held up.

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The evidence, which was reportedly disclosed to investigating agencies such as the FBI and UK's Financial Services Authority (FSA) in November 2010, was never made public and has been kept secret from Parliament, Congress, and the public.&nbsp;

This information suggests that Parliament may have been "misled" said Andrew Tyrie, the former chair of the UK Treasury Committee of MPs during the Libor inquiry.

In a conversation with BBC, he said that "the evidence that Mr Verity** has unearthed strongly suggests that the committee's inquiry into the Libor scandal was not told the whole truth."&nbsp;

**Financial Journalist Andy Verity is currently working as BBC News' economic correspondent and is behind the newly uncovered evidence.

"The public rely on Parliament to get to the truth. This case illustrates why Parliament should bolster its information-gathering powers with more effective sanctions against those who provide less than the full picture. Parliament appears to have been misled and, if that's the case, should not let it rest," said Tyrie.

The suppressed evidence that as per Verity's report indicates a potential cover-up is a recording from 2010 of an interview between FBI investigator Mike Kelly and Peter Johnson, a Barclays bank employee responsible for submitting Libor rates.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/the-turnaround-story-of-indias-public-sector-banks-594985">The Turnaround Story of India's Public Sector Banks</a>

In the interview, Johnson reveals that in October 2008, he was instructed by his superiors to report artificially low Libor rates that were significantly below the actual interest rates available in the market. He claims that this instruction came under pressure from both the Bank of England and the UK government.

The recording also indicates that the French banks were similarly pressured by the Banque de France.&nbsp;

In the recording, Kelly can be heard asking Johnson: "Did you have any understanding as to why this pressure was being put upon Barclays?"

To this, Johnson replies: "I'm not sure that it was being put just on Barclays."

Kelly: "OK? Who else did you think, was being pressured?"

Johnson: "We understood that the French banks had been told to get their rates down[...]"

Kelly: "What entity was pressuring them?"

Johnson: "We believe it was the Banque du France."

Published data on Euribor submissions during that period support these claims, showing "record falls in banks' estimates of the cost of borrowing euros by French banks - moves only explicable as having been co-ordinated at a national level," writes Verity.

Senior Conservative MP David Davis has called for a fresh investigation, expressing concerns that Parliament may have been misled.&nbsp;

The MP said that the evidence points to "a case to believe that state agencies coerced individuals into perjury that led to false convictions".&nbsp;

The US Department of Justice and the UK's Serious Fraud Office have prosecuted 37 traders for Libor manipulation. However, the prosecutions were done in the absence of this evidence.

The regulators involved have either declined to comment, rebutted the claims, or stated that they followed disclosure rules. The Bank of England labelled the allegations "unsubstantiated," while the European Central Bank "strongly rebut" the assertions which it said "misrepresent the role of a central bank in implementing monetary policy". Responding to the allegations, Italian bank Intesa Sanpaolo has reportedly emphasised that it has always acted independently and in full compliance with rate-setting rules. As per Verity, the FBI and the Commodity Future Trading Commission (CFTC) have declined to comment.

(With inputs from agencies)

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UK and US regulators were aware of and participated in a state-led effort to manipulate interest rates during the 2008 financial crisis. As per a BBC report, newly uncovered evidence suggests that the regulators concealed this information.

UK and US regulators were aware of and participated in a state-led effort to manipulate interest rates during the 2008 financial crisis. As per a BBC report, newly uncovered evidence suggests that the regulators concealed this information. The evidence as cited by the BBC report suggests that lenders made a significant cut to their interest rate estimates under pressure from central banks. However, when bankers were later prosecuted for smaller-scale interest rate "rigging", this evidence was not presented in court. While regulators have previously faced allegations of involvement in interest rate manipulation, this evidence reveals a broader international effort by central banks across the Western world. Allegedly, central banks, including the Bank of England, Banque de France, European Central Bank, Banca d'Italia, Banco de Espana, and the Federal Reserve Bank of New York, intervened extensively in setting Libor and Euribor rates — benchmark interest rates that track how much it costs banks to borrow from one another — in October 2008. These actions were apparently aimed at artificially restoring calm to the market during a time when bank lending was nearly held up. Also read | Will Indians be able to spend using ₹1000 notes again? RBI governor responds The evidence, which was reportedly disclosed to investigating agencies such as the FBI and UK's Financial Services Authority (FSA) in November 2010, was never made public and has been kept secret from Parliament, Congress, and the public. This information suggests that Parliament may have been "misled" said Andrew Tyrie, the former chair of the UK Treasury Committee of MPs during the Libor inquiry. In a conversation with BBC, he said that "the evidence that Mr Verity** has unearthed strongly suggests that the committee's inquiry into the Libor scandal was not told the whole truth." **Financial Journalist Andy Verity is currently working as BBC News' economic correspondent and is behind the newly uncovered evidence. "The public rely on Parliament to get to the truth. This case illustrates why Parliament should bolster its information-gathering powers with more effective sanctions against those who provide less than the full picture. Parliament appears to have been misled and, if that's the case, should not let it rest," said Tyrie. The suppressed evidence that as per Verity's report indicates a potential cover-up is a recording from 2010 of an interview between FBI investigator Mike Kelly and Peter Johnson, a Barclays bank employee responsible for submitting Libor rates. Also read | The Turnaround Story of India's Public Sector Banks In the interview, Johnson reveals that in October 2008, he was instructed by his superiors to report artificially low Libor rates that were significantly below the actual interest rates available in the market. He claims that this instruction came under pressure from both the Bank of England and the UK government. The recording also indicates that the French banks were similarly pressured by the Banque de France. In the recording, Kelly can be heard asking Johnson: "Did you have any understanding as to why this pressure was being put upon Barclays?" To this, Johnson replies: "I'm not sure that it was being put just on Barclays." Kelly: "OK? Who else did you think, was being pressured?" Johnson: "We understood that the French banks had been told to get their rates down[...]" Kelly: "What entity was pressuring them?" Johnson: "We believe it was the Banque du France." Published data on Euribor submissions during that period support these claims, showing "record falls in banks' estimates of the cost of borrowing euros by French banks - moves only explicable as having been co-ordinated at a national level," writes Verity. Senior Conservative MP David Davis has called for a fresh investigation, expressing concerns that Parliament may have been misled. The MP said that the evidence points to "a case to believe that state agencies coerced individuals into perjury that led to false convictions". The US Department of Justice and the UK's Serious Fraud Office have prosecuted 37 traders for Libor manipulation. However, the prosecutions were done in the absence of this evidence. The regulators involved have either declined to comment, rebutted the claims, or stated that they followed disclosure rules. The Bank of England labelled the allegations "unsubstantiated," while the European Central Bank "strongly rebut" the assertions which it said "misrepresent the role of a central bank in implementing monetary policy". Responding to the allegations, Italian bank Intesa Sanpaolo has reportedly emphasised that it has always acted independently and in full compliance with rate-setting rules. As per Verity, the FBI and the Commodity Future Trading Commission (CFTC) have declined to comment. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UK, US banking regulators were instructed to 'rig' interest rates during 2008 financial crisis: Report

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UK: PPE worth £1.4 billion purchased during pandemic destroyed or unused - Reports

UK, US banking regulators were instructed to 'rig' interest rates during 2008 financial crisis: Report