Assembly Members question Boris and Policing Deputy over Barclays’ interest rate fixing

Barclays are sponsors of London’s Cycle Hire scheme. Photo: MayorWatch
Boris Johnson’s Deputy Mayor for Policing has been asked to confirm whether the Met Police will launch an investigation in Barclays’ manipulation of the Libor interest rate.

Yesterday it emerged the bank has been fined £290m by U.K. and U.S. regulators for trying to rig interest rates in their favour.

The U.K. Financial Services Authority said: “Barclays’ misconduct was serious, widespread and extended over a number of years.”

Green party London Assembly Member Jenny Jones has today written to Stephen Greenhalgh, Johnson’s Deputy Mayor for Policing, asking him to confirm the Met’s response to Barclays’ actions.

Jones wants to know if the force will launch an investigation to establish whether anyone at the bank broke U.K. law.

Meanwhile Labour transport spokesperson Val Shawcross has announced she will ask the Mayor whether the bank is “an organisation fit to be linked to London and TfL” in the wake of negative headlines.

Shawcross will use Wednesday’s Mayor’s Question Time session to question Mr Johnson.

Barclays currently enjoys sole naming rights to London’s Cycle Hire scheme despite providing only a minority of its funding under a sponsorship deal with Transport for London.

Figures previously provided by Mayor Boris Johnson confirmed that London tax and fay payers are the biggest funders of the scheme.

Assembly Members have previously called on TfL to set out “how it would manage a situation where a sponsor suffered major reputational damage” after a sponsorship agreement was entered into.

Taking in part in a Q&A on Twitter, the Mayor defended the bank’s involvement with the Cycle Hire Scheme, insisting it had ” saved taxpayer £50m”.

On Wednesday night the Mayor told a Talk London audience that the bank could redeem its reputation by donating another £50m to TfL, but by Thursday he’d toughened his stance, saying “if employees have engaged in criminal behaviour then bang em up”.