The Government will launch an independent inquiry into Tory former PM David Cameron's lobbying for collapsed firm Greensill Capital.
No10 sources confirmed there would be a probe amid an ongoing row over Mr Cameron's efforts to lobby ministers on behalf of the firm.
Mr Cameron privately texted Chancellor Rishi Sunak and other Treasury ministers over access to an emergency loan for Greensill, which later filed for insolvency.
He broke his silence on Sunday night with a 1,749 word statement after weeks of questions about his contact with ministers on behalf of the firm, where he worked as an adviser after leaving Downing Street.
He defended his conduct but accepted that "lessons need to be learnt" as he admitted he should have only contacted Tory ministers through "the most formal of channels".
This breaking story is being updated.