A former Barclays trader who was jailed last year for rigging the Libor rate has been ordered to pay back nearly £300,000 in profits and legal costs linked to the crime.

Jay Merchant, a former Libor trader at the UK bank, became one of four staff sentenced to prison for conspiracy to defraud in July 2016. In February this year, he had his six-and-a-half year sentence reduced by a year on appeal.