Former Prime Minister David Cameron labelled the reported general election bet made by Conservative candidate Craig Williams “foolish”.

Lord Cameron was questioned about the reports that Mr Williams made a bet on the date of election three days before it was announced while he worked as a Prime Minister Rishi Sunak’s Parliamentary Private Secretary, which has led to an investigation by the Gambling Commission.

The Gambling Commission has said it will not comment on the allegations but has confirmed that if proven such a bet may be a criminal offence.

A spokesperson for the Gambling Commission said: “If someone uses confidential information in order to gain an unfair advantage when betting, this may constitute an offence of cheating under Section 42 of the Gambling Act, which is a criminal offence.“

READ MORE: Conservative Craig Williams faces gambling probe over 'flutter' on election

In an interview with BBC Breakfast Lord Cameron said: “Having clearly made this very foolish decision, he is being investigated by the Gambling Commission and they have considerable powers in terms of what the consequences could be.”  

Lord Cameron did not indicate that Mr Williams would be asked to step down.

“All the nominations are in, all the candidates are standing so I don’t think we can change that,” he added.

“In fact I think it’s very important that we don’t make alterations after these things have been set but obviously he is going to have to face the consequences of that investigation.”

Fellow Powys Conservative candidate Fay Jones was also questioned about the situation and refused to be drawn on Mr Williams’ future as a candidate dismissing it as a “hypothetical question”

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She said: “Look it’s not great. There’s no two ways about that.

“But I think what is important is that Craig is being as transparent as possible. He has committed to be as open and engaging about this, helping the Gambling Commission get all the information it needs to get the answer they are seeking.

“That is absolutely the right thing that should happen. It’s not right for us to go picking this apart when an independent body is investigating.”

Meanwhile opposition parties have been fierce in their criticism with the Liberal Democrats calling for him to be suspended.

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Liberal Democrat Parliamentary Candidate and Llanidloes Councillor Glyn Preston said: "The PM should immediately suspend Craig Williams as a while an investigation takes place.

"The people of Montgomeryshire & Glyndŵr deserve better than constant scandal from the Conservatives. It’s time that our area returns to its Liberal Democrat roots."

Plaid Cymru candidate Elwyn Vaughan was also fierce in his criticism and said the reports reflected a poor sense of judgment.

Mr Vaughan said: “These reports speak volumes about Craig Williams’ judgement. No-one in a position of power who respects those who elected them would behave in this way. It’s time to get rid of the Tories from power with a vote for Plaid Cymru.”