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Here is the full text of the statements issued as it was announced Vince Cable would keep his job as Business Secretary.

"Following comments made by Vince Cable to the Daily Telegraph, the Prime Minister has decided that he will play no further part in the decision over News Corporation's proposed takeover of BSkyB.

"In addition, all responsibility for competition and policy issues relating to media, broadcasting, digital and telecoms sectors will be transferred immediately to the Secretary of State for Culture, Media and Sport.

"This includes full responsibility for OFCOM's activities in these areas.

"The Prime Minister is clear that Mr Cable's comments were totally unacceptable and inappropriate."

"I fully accept the decision of the Prime Minister and Deputy Prime Minister. I deeply regret the comments I made and apologise for the embarrassment that I have caused the Government."