In the FT, Mr Fox said there was a strong argument for more spending cuts to reduce "taxes on employment" and called for employers' National Insurance contributions to be reduced.

BBC: Budget 2012: Liam Fox calls for business tax cuts

According to an FT investigation, Mr Moryoussef is alleged to have contacted a number of traders whom he knew at other banks, either through previous employment or via professional or personal networks.

CNN: Rate probe turns to four major banks

Reading the FT this morning, Mr Osborne might be hoping that the OBR has read Professor Martin's paper as well.

BBC: George Osborne must weigh supply against demand