Letwin quits City bank

Shadow Chancellor Oliver Letwin today stood down from a lucrative City post - piling more pressure on Tory mayoral candidate Steve Norris to do the same.

Mr Letwin said he was quitting a directorship with bankers NM Rothschild to concentrate on "winning the next election" for the Conservatives.

It followed Labour claims that his new shadow cabinet post landed him with a major conflict of interest.

The decision also shone the spotlight on Mr Norris - who has refused calls to quit his highly-paid private-sector post. He was confirmed last month as chairman of rail contractor Jarvis, a company which could benefit from transport funding decisions he could make as Mayor. He is thought to earn £100,000 at Jarvis for a one-day week.

Mr Norris has faced calls to stand down from Jarvis or as Tory candidate, but this week won the backing of his party's high command. Labour are certain to step up the pressure on him now.

Mr Norris says he will step down from Jarvis if elected as Mayor.