Former MP for Stamford Lord Quentin Davies criticises Bank of England deputy governor Paul Tucker in Lords debate

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A FORMER MP for Stamford has criticised the deputy governor of the Bank of England, Paul Tucker, in a House of Lords debate.

Lord Quentin Davies spoke about Mr Tucker during a debate on the Libor rate-fixing scandal yesterday (Tuesday).

He said: “(Mr Tucker) effectively made a guilty plea to incompetence and complacency on a quite heroic level.

“He admitted to having chaired a meeting in which several people said there had been discrepancies between the Libor rate and the rate which banks had actually been paying for deposits on the inter-bank market.

“I have very little confidence in the personality of the present deputy governor of the bank responsible for financial stability.”

Labour’s Lord Myners defended Mr Tucker, urging peers to wait for the Treasury select committee report before judging him.