George Osborne has spoken to Tim Geithner, the US Treasury secretary, three times in the space of two days over the New York regulatory probe into Standard Chartered in a sign of the British government’s mounting concern.
The chancellor spoke to Mr Geithner on Tuesday, Wednesday and then again on Wednesday night amid worries about the potential damage the investigation could do to the reputation of the City of London.
One government source said that the coalition had been undertaking “quiet diplomacy” rather than “megaphone diplomacy” but that this did not mean there were not genuine concerns from Mr Osborne and other ministers.
“The Treasury thinks that rules should not be broken but we were concerned about the way the allegations came out of the blue,” he said. “It is important that we receive fair treatment for British businesses.”
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