Resignation

Cabinet minister David Laws has stepped down from his high-ranking position in Britain's financial ministry after only 18 day in office, following revelations about expenses and his private life.

Laws, a member of the Liberal Democrat party, resigned from his position as Chief Secretary to the Treasury after the Daily Telegraph newspaper reported he had claimed more than 40,000 pounds (47,100 euros, $57,800) in expenses to pay rent to his long-term male partner.

"I do not see how I can carry out my crucial work on the budget and spending review while I have to deal with the private and public implications of recent revelations,” Laws said in a statement on Saturday.

The millionaire former banker said he had not disclosed the financial arrangement due to his "desire to keep my sexuality a secret."

He said he had not considered himself in breach of rules on expenses because he and his partner, lobbyist James Lundie, had separate bank accounts and led separate social lives.

Public spending cuts

In his position at the finance ministry, Laws was deputy to Chancellor of the Exchequer (finance minister) George Osborne. The pair were overseeing tough austerity cuts aimed at reducing Britain's budget deficit, which stands at about 156 billion pounds, exceeding 11 percent of gross domestic product.

The British government last week agreed to immediate spending cuts totaling some 6 billion pounds.

The resignation is an early blow for Britain's first coalition government for 65 years, formed between Britain's Conservative and Liberal Democrat parties.

Conservative Prime Minister David Cameron called Laws' decision "honorable." The Liberal Democrat leader, Deputy Prime Minister Nick Clegg, said Laws had taken a "very painful decision."

rc/Reuters/AP/AFP
Editor: Kyle James