Tom Hayes, the former trader who was jailed in 2015 for conspiring to rig the Libor benchmark interest rate, has been moved to Ford open prison in West Sussex, one of the UK’s lowest-security prisons.

The transfer means the former UBS and Citigroup trader, who has spent three-and-a-half years of his 11-year sentence in a maximum-security jail, will be able to leave prison for day trips and stay overnight at his home in Hampshire.