Read Liam Fox's response to the report into his conduct in full on politics.co.uk.

"I am pleased that the report makes clear that the two most serious allegations, namely of any financial gain sought, expected or received by myself and any breach of national security, have no basis. As I said in the House of Commons last week, I accept that it was a mistake to allow the distinctions between government and private roles to become blurred, and I must take my share of the responsibility for this.

"More care should have been taken to avoid the impression that anyone other than minsters and officials were speaking on behalf of the government, as this was not the case. Although there were no actual conflicts of interest I acknowledge that in order to avoid any possible perception of this, all private interests should have been fully declared to the Permanent Secretary.

"I welcome the recommendations in this report which will provide greater clarity for ministers, officials and private individuals in the future."