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A Reform MP has suspended himself from the party after an investigation into loans worth £70,000 that he took out during the pandemic.

James McMurdock, MP for South Basildon and East Thurrock, made the decision after The Sunday Times approached him with allegations that he borrowed tens of thousands of pounds under the Government’s Bounce Back loan scheme in 2020.

He allegedly acquired funding through two firms he owned.

JAM Financial Limited, which had no employees and negligible assets during the pandemic, received £50,000.

For a firm to have received this sum it would have needed to report turnover of at least £200,000.

The other firm was Gym Live Health and Fitness Limited, which was dormant until January 31 2020 and borrowed £20,000. This would have required a turnover of at least £80,000.

Neither business filed accounts of annual corporate filings after receiving the loans, as required by the Companies Act.

Mr McMurdock said “all my business dealings had always been conducted fully within the law and in compliance with all regulations and that appropriately qualified professionals had reviewed all activity confirming the same”.

He added: “As a precautionary measure, and for the protection of ReformUK, I have asked to have the whip suspended temporarily.”

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