Peter Cruddas, co-treasurer of the Conservative party, has resigned after being exposed offering access to Downing Street, government policy process and the prime minister David Cameron in exchange for large donations to the Conservative Party.
PETER CRUDDAS RESIGNATION - FULL COVERAGE
This is Cruddas' resignation statement in full:
"I only took up the post of principal treasurer of the party at the beginning of the month and was keen to meet anyone potentially interested in donating.
"As a result, and without consulting any politicians or senior officials in the party, I had an initial conversation with Zenith. No further action was taken by the party.
"However, I deeply regret any impression of impropriety arising from my bluster in that conversation.
"Clearly there is no question of donors being able to influence policy or gain undue access to politicians.
"Specifically, it was categorically not the case that I could offer, or that David Cameron would consider, any access as a result of a donation.
"Similarly, I have never knowingly even met anyone from the Number 10 policy unit. But in order to make that clear beyond doubt, I have regrettably decided to resign with immediate effect."
A Conservative Party spokesman said Zenith was the name of the company the undercover reporters pretended to represent.