Cameron: This is completely unacceptable

The prime minister denies that 'cash for access' is commonplace in the Conservative party:

"What happened is completely unacceptable and this is not the way we raise money in the Conservative party.

"I'll make sure there's a proper party inquiry to make sure this can't happen again.

"We have reformed party funding. I took over a party with £28 million of debt, it's now virtually debt free.

"We've massively broadened our donor base. We have very strict rules and very strict compliance, and I'm going to make sure the rules are properly complied with in every case."