MP to quit bank, warning Britain will lose out
The Conservative confirmed he will give up his £60,000 job as a non-executive director with investment bank N. M. Rothschild before Thursday 31 December after Tory leader David Cameron announced a crackdown on "moonlighting" by shadow cabinet members.
Dr Letwin said that, while he welcomed moves to make Parliament more transparent, he hoped the view that MPs should be barred from adopting interests outside politics would not continue to hold weight in the long term.
"The shadow cabinet has decided that we will release details of the hours worked and fees charged all in one go," he said. "We've also sat down and decided that we're all, by 31 December, going to give up our outside interests so we can devote everything in the last phase before we go into the next General Election.
"My own view is that it will be loss to Parliament and the country if members cannot still keep a connection to professions in which they are still one way or another involved. If people have modest outside interests, it can be valuable.
Politicians from all sides of the House of Commons have faced renewed scrutiny since the weekend, when national newspapers revealed details of the huge amounts some MPs earn in second jobs. Critics argue their only interests should be those of the voters they represent.
Commenting on his decision to step down from his position with the merchant bank, which advises wealthy clients around the world, Dr Letwin said: "I already spend about 70 hours a week on parliamentary and constituency business, so quite how much more I'll be able to do I'm not sure."
The chairman of the party's policy review team is not unused to being pressurised to give up lucrative interests outside of Westminster. In 2003, when he was shadow chancellor under Michael Howard, he resigned from Rothschild after it was felt his company position presented a potential conflict of interest.
He said: "That was during a time when I was shadow chancellor and this is totally different. I don't see any conflict of interest and I don't think anyone has ever suggested there is."
IN MY VIEW: PAGE 12
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