​The Somerset MP who resigned from a key role at the heart of the new Government has revealed that he has not yet decided whether to quit politics altogether.

Former Chief Secretary to the Treasury David Laws last night told the Western Daily Press  he would listen to his Yeovil constituents – who returned him to Parliament with an increased majority at the general election – before making a decision.

Mr Laws, 44, who made an impressive start to his new role overseeing the coalition Government’s efforts to reduce Britain’s crippling budget deficit, resign on Saturday night that he was standing down over allegations he claimed £40,000 from the public purse to rent rooms from his partner.

He has referred himself to the Parliamentary Standards Commissioner, who will decide whether he has broken Parliamentary rules.

His resignation is seen as the first major setback for the coalition, and much of the media focus has fallen on this. but yesterday it was rumoured that Mr Laws might also be considering stepping down as an MP.

Last night he said: “The job as an MP is no less important to me than being in the Cabinet. I am sad that I have let down all these people in my constituency, particularly after being given such a huge mandate from them. I want to take time to sort these issues out. I will be listening to the people in my constituency to see what they think.”

He said it was crucial to him to find out if he still had the trust and support of the constituency. He did not take that for granted and would not want to stay on as MP if the voters did not want him.

“I need to make a judgement about what is right for the Yeovil constituency.  I also have to explain myself to people. It is a huge honour to represent tens of thousands of people and I am incredibly sad at having let down those people. I wouldn’t want to do this job if I didn’t have the support of the people.”

He also insisted that he felt he had made the right decision to quit his high-profile Treasury role, and he said his successor, Danny Alexander, would do a good job orchestrating deficit reduction measures.

He said: “I .I feel a bit ashamed not to have set a better example to people who might have expected a bit more leadership from the top.

“To have enjoyed the job so much and relished it, and then to lose it, is very difficult. To be in there at the centre of the Treasury, promoting better decisions, not hurting key services and people on low incomes, was important to me. To not be part of that is very, very difficult.”