Clearly, a two-rate system of 10% and 25% would be a radical departure from the seven-tier system we find ourselves stuck in today, and a major step towards a system where every American can quickly estimate their federal tax liability.

FORBES: Tax Aspects Of Paul Ryan's FY 2014 Republican Budget Proposal

He has advocated a simple two-rate personal income tax system, under which individual taxpayers could fill out their returns on a single sheet of paper.

FORBES: What Next?

The government has given the review into how the Libor rate-setting system works two weeks to publish its initial proposals.

BBC: Barclays