Cash for access: Malcolm Rifkind quits as security chair; UK to ban MPs’ outside jobs?

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Embroiled in ‘cash for access’ scandal after being caught in a sting, Conservative Party leader Malcolm Rifkind has resigned as the chairman of Parliament’s Intelligence and Security Committee that supervises the work of spy agencies MI5 and MI6.

A Conservative MP for Kensington since 1974, Malcolm has also quit as a Member of Parliament, the BBC reported citing a statement from the Downing Street.

Malcolm had earlier denied cash for sting allegations and vowed to “fight all the way”.

Former British foreign secretary Sir Malcolm Rifkind, aong with Labour MP Jack Straw, sought to defend themselves after they fell for a sting laid by undercover journalists and were caught on tape offering their services to private firms in return for cash.

The sting has shifted the spotlight on MPs grabbing outside jobs and Labour leader Ed Miliband said that the it is mulling to hold a vote on banning MPs from taking outside jobs in the House of Commons on Wednesday.

Miliband said that he had also written to PM David Cameron, challenging him to follow Labour’s lead in banning MPs from holding paid directorships or consultancies.

“It’s time to rebuild trust in politics by making sure MPs work for the people who elect them,” Miliband said.

The sensational sting that caused uproar across Britain was carried out by the reporters for the Daily Telegraph and Channel 4’s Dispatche, who posed as staff of a fake Chinese firm said the BBC.

Earlier, defending himself on BBC Radio 4’s Today programme, Sir Malcolm, sought to justify his remarks saying it was “perfectly acceptable for MPs to have outside interests”.