politics.

And it is understood Belco executive Vincent Ingham has emerged as a late runner in the race to succeed Mr. Soares as MP for Paget West.

The resignation letter is believed to have been signed by Mr. Soares on Sunday and delivered to the Cabinet Office.

But The Royal Gazette -- which revealed last week that Mr. Soares was set to go -- understands he told the Premier privately weeks ago that he would not be standing again.

The move ends days of speculation over whether 15-year MP Mr. Soares would quit politics before the General Election.

Soares makes political retirement official Mr. Soares told the Premier: "On my wedding anniversary last month, I reassessed my position and that of my family.

"I've missed a great deal of family life over the last 15 years and decided I was unable to do so for another five years. It's also clear that my business interests require my full attention and there are some health issues that it is time I dealt with.

"With all this on my mind, it became clear to me that if I was unable to make a full commitment for another five years, then I could not ask the people of Paget West to commit to me.'' Insurance executive Madeleine Joell has also been tipped for Paget West -- but she could replace Ms Gordon in Southampton West if the Premier opts to fight a General Election marginal instead of her safe seat in a bid to hang on to the reins of power.

Mr. Soares also thanked his wife Wendy, party colleagues, his local branch and the voters of Paget West for their support.

And he took a swing at radio reports that he was quitting amid disagreements with Government.

Mr. Soares said: "There have been many rumours flying around Bermuda about the reason for my decision not to seek re-election but all of what I have said...is the simple truth of the situation.'' Last night Ms Gordon praised Mr. Soares, who has held a variety of Ministries including Health and Social Services , Tourism and Youth and Sport.

Ms Gordon further knocked rumours of disillusionment with the party with a warm tribute.

"Those of us who know the Minister realise that he has always given 100 percent to his Government and political work,'' she said. "I respect his honesty and integrity and inability to stand for re-election if he is not able to commit to another five years of service.''