Full text of a statement read out today by Carmen Dowd, reviewing lawyer and Head of the CPS Special Crime Division, on her decision not to lay any charges after the 'cash-for-honours' investigation:

"I have now completed my review of the evidence given to me by the Metropolitan Police, Specialist Crime Directorate into the so-called Cash for Honours inquiry.

"All cases are considered according to the Code for Crown Prosecutors which states that before a prosecution can commence, there must be sufficient evidence for a realistic prospect of conviction. If there is not sufficient evidence then a case cannot proceed no matter how important or serious it may be.

"The CPS and Counsel have been advising the police throughout the course of the investigation. A report and file of evidence was passed to me in April 2007. I asked the police to undertake some further enquiries which they have now done and I am satisfied that I have sufficient evidence to make a decision in this case.

"The investigation was lengthy, which is an indication of the complexities involved and the diligence and professionalism of the officers conducting the inquiry.

"I have matched this with a detailed and rigorous review of the evidence obtained. While there has clearly been much speculation and rumour surrounding this case I must stress that my decision is based solely on a fair and balanced assessment of the evidence available.

"I was greatly assisted by a team of highly skilled independent Counsel, led by David Perry QC.

"I have consulted with Chris Newell, the CPS Principal Legal Advisor. We are all in agreement on this decision.

"Having considered all of the evidence in this case I have decided that there is insufficient evidence to provide a realistic prospect of conviction against any individual for any offence in relation to this matter.

"In coming to my decision I considered offences under the Honours (Prevention of Abuses) Act 1925, offences of attempting to pervert the course of justice and subsidiary offences under the Political Parties, Elections and Referendums Act 2000.

"This was a complex case and to assist in understanding the decision I have announced today, I have provided a document explaining how I came to my decision which is being published today, including on the Crown Prosecution Service website."

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