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Tucker denies Government pressure

Tucker denies Government pressure

Bank of England deputy governor Paul Tucker has categorically denied being asked to put pressure on Barclays to lower their Libor submissions.

Emails from the time, released this morning by the Bank, show how concerned the Government was about the high cost of borrowing in the banking sector.

A series of messages between Mr Tucker and senior Downing Street official Jeremy Heywood show that the two discussed Libor regularly.

Giving evidence to the Treasury Select Committee, Mr Tucker confirmed the 'Whitehall source' who was worried about Barclays borrowing rate was Sir Jeremy, clearing former City Minister Ed Balls.

The Committee was unimpressed by Mr Tucker's failure to pick up on the rigging that occured at Barclays, despite the importance of Libor as an indicator of market health.

Labour MP and member of the Treasury Select Committee John Mann criticised the Bank for releasing email correspondence today, after Mr Diamond's appearance before the committee.

Mr Mann said he filed a Freedom of Information request to the Bank last week asking for copies of all emails and transcripts of conversations between Mr Tucker and Mr Diamond between October and November 2008.

"The information released today would have been critical for the Diamond meeting last week. They would have understood the urgency of the request and this clearly displays their contempt of the Parliamentary process," he said.

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