Owen Paterson has resigned as MP for North Shropshire after the government performed a U-turn over the controversial blocking of his 30-day Commons suspension for breaching lobbying rules.
Mr Paterson has served as a Conservative MP since 1997, and although departing the Commons from the backbenches, was previously a cabinet minister.
Growing up on his family’s farm in Shropshire, Mr Paterson went on to study history at Cambridge University before joining the National Leathersellers College and joining his family business – British Leather Company.
Image: Mr Paterson met then-secretary of state Hilary Clinton when he was Northern Ireland secretary
Before going into politics, the now 65-year-old was president of COTANCE (the Confederation of National Associations of Tanners and Dressers of the European Community).
After an unsuccessful attempt at securing the seat of Wrexham in 1992, he was elected as Conservative MP for North Shropshire five years later with a majority of 2,195.
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Mr Paterson increased his majority at every election thereafter, up to 22,949 in the latest 2019 election.
The North Shropshire MP served in the cabinet during the Tory-Lib Dem coalition years – as Northern Ireland secretary from 2010 to 2012, and environment secretary from 2012 to 2014.
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As Northern Ireland secretary, Mr Paterson oversaw the publication and delivery of the Saville Report on the events of Bloody Sunday in January 1972, which led to an apology by then-prime minister David Cameron.
He was also the first cabinet member to publicly oppose the coalition government’s Marriage (Same Sec Couples) Bill, defying both Mr Cameron and ministerial convention.
Image: Owen Paterson with PM David Cameron in 2010 and (below) deputy PM Nick Clegg
In 2014, Mr Paterson was dismissed as environment secretary by Mr Cameron as part of his 2014 reshuffle. He was replaced with Liz Truss, who is now foreign secretary.
In an interview in 2013 about the alleged failure of a badger cull he had been responsible for, Mr Paterson said “the badgers have moved the goalposts”.
Mr Paterson voted and spoke strongly against the fox hunting ban.
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Paterson: ‘I wouldn’t hesitate to do it again’
He has also previously been accused of being a climate change sceptic, having formerly described wind turbines as “ridiculous” and “useless”. He has also supported fracking.
From the backbenches, the North Shropshire MP became a leading supporter of the campaign to leave the European Union and was an outspoken member of the European Research Group (ERG) of Eurosceptic Tory MPs.
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‘Shame’: MPs vote against suspension of ex-minister
In 2015, Mr Paterson and fellow Conservative Brexiteer John Redwood founded the internal pressure group Conservatives for Britain, and formed the backbone of the party’s Leave campaign.
He has also served on many committees during his time as a parliamentarian, including the Welsh Affairs Committee, the European Standing Committee, and the Agriculture Committee.
On 24 June 2020, Mr Paterson’s wife Rose Paterson – who was Aintree’s chairman – took her own life on his birthday.
Image: Mr Paterson, pictured with his late wife Rose
Last month, following a two-year investigation, the parliamentary commissioner for standards found that Mr Paterson had breached the rule prohibiting paid advocacy by making multiple approaches to government departments and ministers for two companies.
Mr Paterson was found to have “repeatedly used his privileged position” to benefit Randox, a clinical diagnostics company, and Lynn’s Country Foods, a meat processor and distributor. The commissioner recommended that he should be suspended from the Commons for a month.
The allegations related to his conduct between October 2016 and February 2020.
Mr Paterson was paid more than £110,000 per year to act as a consultant for the two separate companies.
Image: Mr Paterson maintains his innocence after the standards body found he ‘repeatedly’ breached lobbying rules
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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Govt signals sleaze watchdog U-turn
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.
Mr Paterson has three children, and in his resignation statement posted on social media, said he had made the decision to stand down from his role after “consultation with my family”.
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.