By Lars Mucklejohn Libor, the 54-year-old benchmark borrowing rate, has officially been phased out after an arduous process kickstarted by the rate-rigging scandal in the early 2010s. The Bank of England and Financial Conduct Authority (FCA) confirmed on Tuesday that all 35 Libor settings had now permanently ceased. The regulators said in a joint statement that the transition away from Libor, or the London Bank Offered Rate, had “made financial markets safer, more stable and fit for modern use”. Libor referred to dozens of rates set each day by surveys of major banks. For decades, it was a glo…