By Jonathan Davies

Former City Trader Tom Hayes has been sentenced to 14 years in prison after being found guilty of rigging the global Libor rates.

The 35-year old is the first person to face trial over the Libor scandal.

He will serve at least half of his sentence before being considered for early release.

Hayes was found guilty on all eight counts of conspiracy to defraud. The Libor is the benchmark interest rates at which banks borrow money from each other - it is responsible for trillions of pounds in lending.

Justice Cooke told Hayes: "You succumbed to temptation because you could... To gain status, seniority and remuneration."

He said Hayes was the "centre and hub" of the scandal.

The former UBS and Citigroup trader claimed during his trial that his senior managers, and even CEO is some cases, knew about the manipulation of the Libor.

Hayes also said that manipulation of the rate was so common that it could be done for as little as a Mars bar.