Tony Blair's Middle East envoy, Lord Levy, has denied accusations that he set up meetings between ministers and Australian property company Westfield in return for consultancy fees.

The reports have reopened the row over "cash for access" which have dogged Labour over recent months.

The Conservatives said the "very serious allegation" required urgent investigation.

But a spokesman for the millionaire peer said any meetings between Westfield and ministers "have taken place without Lord Levy's intervention or knowledge".