• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

MayorWatch

London News and Comment

  • NEWS
  • Twitter

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

June 28, 2012 - Martin Hoscik@MayorWatch

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”.

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to print (Opens in new window)
  • Click to email this to a friend (Opens in new window)

Tagged With: Cycle Hire

RECENT UPDATES

852 new homes to be built in Acton by Transport for London

HGV operators in London urged to apply for a Direct Vision Standard permit

TfL proposes bus and tube cuts and annual fares increases to achieve long-term financial sustainability

London’s entire bus fleet now meets ULEZ emissions standards




Popular

1,700 extra Santander Cycles are coming to London’s streets

TfL confirms changes to Older Person’s Freedom Pass and 60+ Oyster card hours

TfL fares to rise in return for £1.6bn Government rescue package

Election for Mayor of London and London Assembly postponed until 2021

FEATURED

City Hall to move to Docklands as Mayor seeks to raise £55m for frontline services

‘Concern’ over TfL’s ability to deliver major projects in wake of Crossrail cost overruns

City Hall halts London Overground ticket office closures but many will still see opening hours reduced

Transport for London confirms bus cuts will go ahead despite passenger opposition

GOT A STORY?

As the original London news and scrutiny site we've been casting an eye over the capital's public services and politicians since 1999.

 

Many of our top stories started with a tip-off from a reader - if you've got something you'd like us to cover get in touch and we'll do the rest.

Stay In Touch

  • E-mail
  • RSS
  • Twitter

Copyright © 2021 MayorWatch Publications Limited · MayorWatch is Registered Trademark · All Rights Reserved · Contact Us · Terms of Use · Privacy Policy

MayorWatch Publications Limited · 20-22 Wenlock Road · London N1 7GU · Company Number 6291816

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.