Owen Paterson will resign as the MP for North Shropshire in order to escape “the cruel world of politics” following a furious row over his proposed ban from the House of Commons.
The Conservative former cabinet minister has been at the centre of a scandal after it was recommended he be suspended for 30 days.
Mr Paterson, who has been an MP for 24 years, was found by parliament’s independent sleaze investigator to have broken lobbying rules during his £110,000-a-year private sector work.
Image: Prime Minister Boris Johnson had encouraged MPs to save Mr Paterson from immediate suspension
On Wednesday, Conservative MPs – with the encouragement of Prime Minister Boris Johnson – passed a motion in favour of ignoring Mr Paterson’s month-long Commons suspension.
As part of the backlash, the government was accused of “corruption” in seeking to overhaul parliament’s standards rules in an alleged effort to protect the Tory MP.
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In the face of a huge outcry, the government performed a U-turn in the row on Thursday with the promise of a new vote on Mr Paterson’s suspension.
But, just hours later, the 65-year-old announced his intention to resign from the House of Commons.
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“I have today, after consultation with my family, and with much sadness decided to resign as the MP for North Shropshire,” he said.
Analysis by Jon Craig, chief political correspondent
Owen Paterson has jumped before he was pushed. Or was he pushed?
After the government’s spectacular U-turn following a furious backlash from MPs of all parties, it was almost inevitable that next week’s Commons vote on his suspension would go against him.
With that would have come the humiliating prospect of a recall petition and likely by-election, which even though he could have stood again he would almost certainly have lost.
His North Shropshire constituency is a blue chip Tory seat where he had a majority of just under 23,000 at the last election.
But under the rules on the recall of MPs it only requires 10% of the electorate in a constituency to trigger a by-election. In the case of Shropshire North that means 10% of 77,673: fewer than 8,000.
On reflection, Mr Paterson may be regretting the defiant, unapologetic tone of his Sky News interview after his Commons reprieve 24 hours earlier, when he brazenly declared he would not hesitate to do the same again.
He appears to have jumped before he was pushed, but it’s entirely possible that he has been ordered to go by the Number 10 machine or the chief whip, Mark Spencer.
Despite his protestations of innocence, he has brought disgrace on the Conservative Party and the prime minister and, one way or another, he had to go.
“The last two years have been an indescribable nightmare for my family and me. My integrity, which I hold very dear, has been repeatedly and publicly questioned.
“I maintain that I am totally innocent of what I have been accused of.”
Mr Paterson was last month found by a Commons watchdog to have “repeatedly used his privileged position” to benefit Randox, a clinical diagnostics company, and Lynn’s Country Foods, a meat processor and distributor.
He has continually declared himself “not guilty” and strongly criticised the investigation into his private sector work, which he said saw him raise serious issues about food contamination during his contact with officials.
Mr Paterson has also said the investigation into him “undoubtedly played a major role” in his wife, Rose Paterson, taking her own life in June last year.
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Paterson: ‘I wouldn’t hesitate to do it again’
In his resignation statement, he maintained that he “acted at all times in the interests of public health and safety” and claimed the current standards system in parliament would leave him “unable to clear my name”.
“Far, far worse than having my honesty questioned was, of course, the suicide of my beloved and wonderful wife, Rose,” he added.
“She was everything to my children and me. We miss her everyday and the world will always be grey, sad and ultimately meaningless without her. The last few days have been intolerable for us.
“Worst of all was seeing people, including MPs, publicly mock and deride Rose’s death and belittle our pain. My children have therefore asked me to leave politics altogether, for my sake as well as theirs.
“I agree with them. I do not want my wife’s memory and reputation to become a political football. Above all, I always put my family first.”
Mr Paterson admitted his decision to resign was “painful” but “the right one”.
Image: The 65-year-old is a former cabinet minister and had been an MP for 24 years
Labour leader Sir Keir Starmer demanded an apology from the prime minister following the Westminster row over Mr Paterson’s suspension.
“This has been an unbelievable 24 hours even by this government’s chaotic standards,” he said.
“Only yesterday Boris Johnson was forcing his MPs to rip up the rules on standards in public life is a truly damning indictment of this prime minister and the corrupt government he leads.
“Boris Johnson must now apologise to the entire country for this grubby attempt to cover up for the misdemeanour of his friend.
“This isn’t the first time he’s done this but it must be the last. And Boris Johnson must explain how he intends to fix the immense harm he has done to confidence in the probity of him and his MPs.”
Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK. In the US, call the Samaritans branch in your area or 1 (800) 273-TALK
South Korea is preparing to impose bank-level, no-fault liability rules on crypto exchanges, holding exchanges to the same standards as traditional financial institutions amid the recent breach at Upbit.
The Financial Services Commission (FSC) is reviewing new provisions that would require exchanges to compensate customers for losses stemming from hacks or system failures, even when the platform is not at fault, The Korea Times reported on Sunday, citing officials and local market analysts.
The no-fault compensation model is currently applied only to banks and electronic payment firms under Korea’s Electronic Financial Transactions Act.
The regulatory push follows a Nov. 27 incident involving Upbit, operated by Dunamu, in which more than 104 billion Solana-based tokens, worth approximately 44.5 billion won ($30.1 million), were transferred to external wallets in under an hour.
Regulators are also reacting to a pattern of recurring outages. Data submitted to lawmakers by the Financial Supervisory Service (FSS) shows the country’s five major exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, reported 20 system failures since 2023, affecting over 900 users and causing more than 5 billion won in combined losses. Upbit alone recorded six failures impacting 600 customers.
The upcoming legislative revision is expected to mandate stricter IT security requirements, higher operational standards and tougher penalties. Lawmakers are weighing a rule that would allow fines of up to 3% of annual revenue for hacking incidents, the same threshold used for banks. Currently, crypto exchanges face a maximum fine of $3.4 million.
The Upbit breach has also drawn political scrutiny over delayed reporting. Although the hack was detected shortly after 5 am, the exchange did not notify the FSS until nearly 11 am. Some lawmakers have alleged the delay was intentional, occurring minutes after Dunamu finalized a merger with Naver Financial.
As Cointelegraph reported, South Korean lawmakers are also pressuring financial regulators to deliver a draft stablecoin bill by Dec. 10, warning they will push ahead without the government if the deadline is missed.
The ruling party’s ultimatum follows slow progress and repeated delays, with officials hoping to bring the bill to debate during the National Assembly’s extraordinary session in January 2026.
Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.
Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.
Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.
He added: “He will take Reform UK Scotland to a new level.”
During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.
The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.
“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.
“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.
“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.
“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”
The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.
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Claims made against Nigel Farage
Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.
Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.
Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.
Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.
A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.
The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.
On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.
Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.
“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.
The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation.
If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.
EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns
The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.
“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”
“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.
Global stock market value by country. Source: Visual Capitalist
The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.
The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.