THE result of the cash-for-honours inquiry is clearly a relief for Tony Blair, just as it is for the three individuals who were arrested during the investigation: Lord Levy, Ruth Turner, and Sir Christopher Evans.

But the fact that no charges will result from the 16-month probe should also come as a relief to anyone who believes in our democratic system.

Had evidence emerged that peerages were indeed traded for political loans, the already battered public image of politics would have been well and truly in the gutter.

Some Labour MPs have criticised the decision to spend so much time and effort on the inquiry, but the truth is that the police had no real alternative once Scottish Nationalist MP Angus MacNeil had lodged his complaint.

The police couldn't win because they would have been condemned for failing to conduct a thorough inquiry if less time had been invested.

No stone could be left unturned in pursuit of the truth behind such a serious allegation because the public's remaining faith in politics was at stake.

And yet, for all the relief that has descended on those who have been exonerated, they will know all too well that the clouds of suspicion generated by the cash-for-honours affair have not been completely dispersed.

Irrespective of the Crown Prosecution Service's decision, many ordinary people will take the view that something fishy has gone on in the corridors of power.

And, if nothing else, an important message has been reinforced - that there must be greater transparency in politics.