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Tucker denies role in Libor 'cesspit'

10 July 2012 Last updated at 12:17 BST

The Deputy Governor of the Bank of England Paul Tucker has compared abuse of the inter-bank lending rates (Libor) to a "cesspit" during evidence to the Treasury Select Committee.

He denied any government minister had encouraged him to "lean on" Barclays or any other bank over Libor and denied any knowledge or part in manipulation of interest rates.

Newsnight's economics editor Paul Mason reports.