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| Tony Caplin resigns as quango chairman | |
| (about 4 hours later) | |
| A businessman appointed by the prime minister to head a quango managing public funds has resigned after reports that he had been declared bankrupt. | A businessman appointed by the prime minister to head a quango managing public funds has resigned after reports that he had been declared bankrupt. |
| A Conservative spokesman said that Tony Caplin had resigned as chairman of the Public Works Loan Board (PWLB). | A Conservative spokesman said that Tony Caplin had resigned as chairman of the Public Works Loan Board (PWLB). |
| The organisation is responsible for multi-million pound loans to local councils for infrastructure projects. | The organisation is responsible for multi-million pound loans to local councils for infrastructure projects. |
| The Mail on Sunday reported that an investigation by Number 10 revealed Mr Caplin had been made bankrupt in 2012. | The Mail on Sunday reported that an investigation by Number 10 revealed Mr Caplin had been made bankrupt in 2012. |
| 'No party role' | 'No party role' |
| Whitehall rules require anyone serving on a public body who is declared bankrupt to inform the relevant minister immediately. | Whitehall rules require anyone serving on a public body who is declared bankrupt to inform the relevant minister immediately. |
| A Conservative Party spokesman said: "Tony Caplin has no role in the Conservative Party nor is he contributing to the manifesto. | A Conservative Party spokesman said: "Tony Caplin has no role in the Conservative Party nor is he contributing to the manifesto. |
| "He was appointed to a number of public bodies by the previous government. | "He was appointed to a number of public bodies by the previous government. |
| "He was re-appointed to the PWLB by the prime minister. He should have declared he was bankrupt. | "He was re-appointed to the PWLB by the prime minister. He should have declared he was bankrupt. |
| "This has been pointed out to him and as a result he has resigned." | "This has been pointed out to him and as a result he has resigned." |
| 'Serious questions' | 'Serious questions' |
| Senior Labour MP Margaret Hodge, who chairs the Commons Public Accounts Committee, told The Mail on Sunday: "This raises serious questions which should be investigated." | Senior Labour MP Margaret Hodge, who chairs the Commons Public Accounts Committee, told The Mail on Sunday: "This raises serious questions which should be investigated." |
| The former Conservative Party chief operating officer has served on a number of public bodies, including the North West London Hospitals NHS Trust, where he was chairman until January last year. | The former Conservative Party chief operating officer has served on a number of public bodies, including the North West London Hospitals NHS Trust, where he was chairman until January last year. |
| He had been a PWLB commissioner for 10 years and was appointed chairman by Mr Cameron in July 2013. | He had been a PWLB commissioner for 10 years and was appointed chairman by Mr Cameron in July 2013. |
| According to the PWLB website, Mr Caplin's appointment had been due to end in 2015. | According to the PWLB website, Mr Caplin's appointment had been due to end in 2015. |