Mr Clegg told LBC similar changes for three- and four-year-olds under the previous Labour government had had "almost no effect" on childcare costs for parents.

BBC: Childcare ratio plans 'in chaos', says Labour

In the long run, that is, beyond the uncertain short run, it will either have almost no effect or be a slightly positive event, as it should serve as a wake-up call we all badly need.

FORBES: No Default As Long As The Fed Has A Printing Press

In a 2009 paper Mr Glaeser and Matthew Resseger of Harvard University find that in highly skilled areas, city size explains 45% of the variation in worker productivity (it has almost no effect in underskilled cities).

ECONOMIST: Free exchange

Given that there are a number of reporting banks, their trading positions often being opposite to each other, the reported manipulation would not have much even short term effect on LIBOR and almost no long term effect at all.

FORBES: What Should Be The New LIBOR?