Suspended Labour peer Lord Ahmed has told the BBC he is "shocked and horrified" at claims that he called for a £10m bounty for the capture of US Presidents Obama and Bush.

He was reported to have made the remark by Pakistani newspaper, the Express Tribune.

Labour said it would investigate, but if the comments were true they would "utterly condemn" them.

Lord Ahmed described the alleged quotes as "lies" and said he could provide tape evidence to the Labour party to support his position.