Levy seeks political funding change

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Lord Levy, who was former Prime Minister Tony Blair's fundraiser, said he wanted a £50,000 cap on donations and a "ceiling" on election spending.

And he told students at Cambridge University of the "hassle and aggravation" the "cash for honours" saga had caused him.

"I believe there should be a cap on donations. I believe that should be set at £50,000. I believe there should be more state funding," Lord Levy said in a speech to the Cambridge Union - a student debating society.

"There needs to be a cap on what we are donating in terms of fundraising. There needs to be a ceiling put on how much we can spend on elections."

Lord Levy said the "cash for honours" affair had damaged the "system".

"I think it has," he said. "It caused me personally a great deal of hassle and aggravation and my family. It was a very, very unpleasant experience for a long period of time but it is over, thank God."

A police investigation into the alleged sale of peerages ended in July after 16 months when the Crown Prosecution Service said that there was insufficient evidence against any suspect to secure any convictions.

Lord Levy's role in obtaining loans for Labour was at the centre of the allegations. After the CPS announcement Lord Levy said he had always been confident that he would be exonerated.

The inquiry saw four people arrested, including Lord Levy, Downing Street aide Ruth Turner, entrepreneur Prof Sir Christopher Evans and Des Smith, a former member of the council of the Specialist Schools and Academies Trust.