BBC chairman Richard Sharp resigns over loan to Boris Johnson

BBC chairman Richard Sharp has resigned from his position over loan to UK Prime Minister Boris Johnson.

"I feel that this matter may well be a distraction from the Corporation's good work were I to remain in post until the end of my term," said Sharp, who was formerly a boss of current premier Rishi Sunak at Goldman Sachs.

He announced his resignation after an investigation revealed that he had breached rules for failing to declare his involvement in arranging a loan for then prime minister Boris Johnson.

The report found that while he did breach the government's code for public appointments by failing to disclose a potential conflict of interest, it was also the case that a breach did not necessarily invalidate his appointment.

But Sharp said staying until the end of his four year term would be a distraction from the broadcaster's "good work".

"I have decided that it is right to prioritise the interests of the BBC," Sharp said in a statement.

"I have therefore, this morning, resigned as the BBC chair to the Secretary of State and to the board."

This is a breaking news story. Check back for more details.