Labour MP Alex Cunningham has stepped down as shadow pensions minster his office has confirmed.
The MP for Stockton North has been shadow pensions minister since October 2016 and has been an advocate of more transparency on investment charges.
Cunningham’s office did not provide specific details about why or when he decided to step down, but provided a statement referencing Britain’s vote to leave the EU in June 2016 and the effect this will have on people in Cunningham’s seat.
It says: “In recent months, I have spoken with representatives from many companies in my constituency and beyond and received lobbying from many of them through other means. They are as one about the importance of the Government delivering the kind of access and regulatory regime they need to continue their businesses effectively in Europe.
“They also spoke of the threat to investment and the future of many of the jobs they provide in my constituency and across Teesside. I voted as I did as I believed I was leaving the door open for any deal with the EU to possibly include the membership of the Customs Union – something I felt was in the best interests of industry and jobs in my Stockton North constituency.
“After my constituents voted overwhelmingly to leave the EU I saw it as my responsibility to support them in that decision and ensure I worked for the best possible outcome for them in terms of jobs and rights. That I will continue to do.”
In an interview with Money Marketing in November last year Cunningham said he wanted to make sure the public guidance services like The Pensions Advisory Service were properly funded as they were merged into a single body.