Letwin in “humiliating climbdown”
Oliver Letwin, the shadow chancellor, has divested himself of a lucrative City job to concentrate on his new post.
Mr Letwin has been under assault from Labour MPs who criticised his decision to keep his £100,000-plus directorship at merchant bank N M Rothschild, whilst accepting the promotion in Michael Howard’s new cabinet.
Mr Letwin now says he will give up all his City interests to “concentrate on winning the next election.”
Mr Letwin said in a statement: “I have been shadow chancellor for three weeks. During that time it has become clear to me that I cannot continue with my work in the City.
“My commitment to the Conservative Party will always come first. I have therefore decided to relinquish my links with the City and to concentrate on winning the next election.”
Labour Party chairman Ian McCartney said: “People will not trust the judgment of someone who tried throughout to cling on to lucrative and well-paid directorships, even after giving an interview today in which he admitted there was a conflict of interest.
“His position was never tenable, and it raises huge questions about his judgment, but this is just the tip of the iceberg of financial interests on the Tory frontbench.”
Kevin Brennan, Labour MP for Cardiff West, who had consistently called on Mr Letwin to relinquish his directorship, said it was “an ignominious and humiliating climbdown”.
Mr Letwin had worked at Rothschild from 07:00GBT to around 11:00GMT most weekday mornings.
The decision will allow Mr Letwin to speak on taxation and the financial services industry; areas which hitherto raised questions about a possible conflict of interest with his shadow chancellorship.
