Chief Minister accepts Economic Development Minister's resignation

The Chief Minister has accepted the resignation of Economic Development Minister, John Shimmin.

Allan Bell says he has relunctantly gone back on his initial decision to decline the resignation.

Mr Shimmin told the Chief Minister that he felt his role was untenable, and that he'd lost valuable political support after it was revealed that aspects of the Sefton loan deal were unlawful.

Mr Bell says the priority has been to do what is best for the Island, its economy and people.

Although a replacement has not yet been found Mr Bell says he's adamant the momentum built up in the Department of Economic Development will not be lost.

The Chief Minister says Mr Shimmin was insistent it was the right thing for him to do: