If...

Unfortunately, we do not live in an ideal world. But if we did, Lord Levy would be behind prison bars.

UPDATE: Lord Levy's statement in full

Last Updated: 1:30pm BST 20/07/2007

# Cash for honours: 'No charges brought'

Lord Levy has said he was "sincerely delighted and relieved" that he would not face any charges over cash-for-honours allegations. His statement in full read:

"I would like to start by thanking my family, particularly my wife Gilda, our children, my friends and colleagues for their unwavering support, and of course my legal team for their guidance, throughout the duration of this police inquiry, which has been incredibly long and really stressful.

For the last 16 months the people closest to me have had to endure the intensity and pressure of this long investigation. We are all relieved it is over.

Since the investigation began I have had every confidence that no charges would be brought against me.

Nevertheless it comes as a great relief that after a complete and thorough investigation which has been assessed by the country's leading legal experts I have been exonerated as we expected.

I do not intend to comment on the police's handling of this inquiry.

I am sure that if there are any issues which need to be looked at, others who are much more experienced and better qualified will do so.

However, I have been disappointed by the constant leaks to the media which have been misleading, factually inaccurate and personally damaging to me.

I have always believed in the importance of public service and in the duty of individuals to be willing to serve our country.

I really do hope that the way that this inquiry has been played out, over these last 16 months, will not deter people from feeling that politics and the political debate is an area where people can play their full part.

I am sincerely delighted and relieved to put this all behind me and once again my heartfelt thanks to my wife, children, family and friends for their fantastic love and support."