He vowed to "take action" if new evidence emerged of a breach of the code, but said that on the strength of the arguments he had heard so far he had concluded that a separate investigation into Mr Hunt's conduct would "duplicate" the inquiry and was "neither necessary nor right".
Last-hired, first-fired agreements are not debt, but they are contracts which cannot be cleared and depending on the strength of the collective bargaining agent, have a high cost of breach.