Banbury MP Tony Baldry is stepping down from the chairmanship of a major Commons committee, weeks after allegations that he misused the position.

Mr Baldry said yesterday he was leaving the International Development Select Committee to concentrate on constituency work.

According to The Sunday Times, Mr Baldry used his position to further his own financial interest in a West African diamond firm.

The committee is responsible for scrutinising millions of pounds' worth of Government aid spent in countries such as Sierra Leone.

Mr Baldry denies the allegations of impropriety, which surfaced in April.

The allegations were referred to the Parliamentary Commissioner for Standards, Sir Philip Mawer, by former International Development Minister George Foulkes, who retired as a Labour MP at the General Election.

Mr Foulkes said: "I think there has probably been pressure on him to go and I think it's better that he has to avoid any potential conflict of interest."

But Mr Baldry said: "There is no suggestion that I have done anything untoward as select committee chairman."