Mark Menzies, the MP accused of misusing campaign funds to cover medical expenses and pay off "bad people" who had reportedly held him hostage in a flat, has announced his resignation from the Conservative Party, adding that he will not be standing at the next general election.

In a statement released today, Menzies said: "It has been an enormous privilege representing the people of Fylde since 2010, but due to the pressures on myself and my elderly mother, I have decided to resign from the Conservative Party and will not stand at the forthcoming general election.

"This has been a very difficult week for me and I request that my family’s privacy is respected."

Menzies had been suspended from the Conservative parliamentary party while an investigation into his alleged misappropriation of funds - which he disputed - was underway.

Conservative MP Mark MenziesPA

But the backbench MP will remain in Parliament, where he represents Fylde in Lancashire, until the as-yet-uncalled general election.