John Prescott
Prescott was clocked hitting 60mph in a 50 zone in Scampton, Lincolnshire, last year (Reuters)

Lord Prescott, nicknamed "Two Jags", has been handed a six-month driving ban after the luxury car owner and Labour peer was caught speeding in Lincolnshire last year.

The former deputy prime minister was clocked hitting 60mph in a 50 zone in Scampton, near the Humber Bridge, on 11 August 2014. This meant Prescott had accumulated 12 points on his licence, resulting in an automatic ban.

Grantham Magistrates Court reportedly fined the former Hull East MP £250 ($382) and ordered Prescott to pay £85 costs and a £25 victim surcharge on 26 May.

The 77 year old said he was helping his son, David, move house when the offence occurred and he told the Hull Daily Mail that he was not going to contest the magistrates' decision.

"I committed an offence, I'm not arguing. I've been involved in bringing speeding legislation in and I have to face the consequences but that's life and you can't have any excuse. At the end of the day, that's it, you're suspended," he said.

Prescott, who attempted to keep the peace between Tony Blair and Gordon Brown when New Labour were in power, was given a 21-day ban in 1991 when he was caught speeding at 105mph on the M1.

The former Merchant Navy man returned to the front line of British politics earlier this year as an unpaid special advisor to Ed Miliband.

Prescott, who resigned from the green benches in 2010 and was made a life peer the same year, helped the former Labour leader with his climate change policy. He is also a prolific Tweeter and has a column in the Sunday Mirror.

He earned the "Two Jags" nickname when he was given another luxury car as part of his ministerial portfolio on top of his personal vehicle.

Prescott famously punched an egg-throwing protester while he was on the campaign trail in North Wales ahead of the 2001 general election. He was cautioned for the incident.

Lincolnshire Police had not responded to a request for comment at the time of publication.

Grantham Magistrates Court could not be reached at the time of publication.