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As you know, I am entering my final months as your Member of Parliament. It has been an enormous privilege to serve you for the last 26 years. I have always tried to do my very best for all of you, regardless of how you may have voted.

In preparation for the day when I step down, I have accepted a number of outside appointments. I have done so on the basis that they will not in any way affect or detract from my responsibilities as a Member of Parliament while I continue to hold that office.

The question of outside interests has aroused a good deal of controversy. I have always been clear that it is in the national interest for MPs not to be drawn exclusively from the class of professional politicians. Involvement in the world of business, for example, can give an MP practical experience which would make him or her better qualified to discharge their public responsibilities.

As to the time involved, the time I now spend on my outside interests is a fraction of the time I used to spend on my duties as a Government Minister or as Leader of the Opposition. I do not believe my constituents suffered then. They will not do so now.

I don’t play golf. If I use the time I could spend playing golf helping companies to steer their way through the perilous economic times we face I do not believe anyone is worse off as a result.

These outside interests have always had to be registered so anyone interested could easily have discovered which outside interests I have and who employs me. From this month the rules have changed and it will become necessary to record how many hours we spend on these outside interests and how much we are paid for them.

I intend to comply with these new rules and make the necessary entries in due course. The amounts I earn are significant – I hope you will agree that it is to your advantage to have someone working for you who can command significant sums from the private sector.

But in the light of these earnings I have decided not to make any claim on the Second Homes Allowance in this, my last year as a Member of Parliament.

When the pension arrangements for MPs were changed some years ago, I refused to accept the higher pension that would have resulted. This year I refused to accept the increase in my salary to which I was entitled. And now I am undertaking to make no claim on my Second Homes Allowance for this year.

I was already the 31st cheapest MP out of the 649 in Parliament. Now I shall be cheaper still. I hope you agree I give you value for money.