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Quango chief steps down after bankruptcy revealed

A businessman appointed by David Cameron to head a multibillion-pound quango has been forced to step down after it was disclosed that he was bankrupt.

A Government spokesman said Tony Caplin - a former Conservative Party chief operating officer - had resigned as chairman of the Public Works Loans Board (PWLB) which is responsible for £60 billion of loans in infrastructure projects.

Prime Minister David Cameron Credit: Cyril Villemain/ABACAPRESS.COM

The Mail on Sunday reported that Number 10 had been forced to act after an investigation it carried out revealed he had been made bankrupt in 2012.

A Government spokesman said: "He should have declared he was bankrupt. This has been pointed out to him and as a result he has resigned."

Senior Labour MP Margaret Hodge, who chairs the Commons Public Accounts Committee, told The Mail on Sunday: "This raises serious questions which should be investigated."