[hasker]

LIBOR refers to a package or rates of which the US Dollar 3 month Interbank offer rate is the most famous. If the Bank of England wanted to control this rate, they would have to come in with infinite liquidity to control the rate. The Fed effectively has infinite liquidity in USD so it can control the Fed Funds rate. Also, it is worth noting that the fed funds rate is an overnight rate, and 3m LIBOR is for three months, so the capital commitment to control it would be much larger.