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Ex-MP Harvey Proctor will receive £500,000 compensation from Scotland Yard over its disastrous investigation into false claims of a VIP paedophile ring, it has been reported.

The former Conservative politician, whose home was raided following claims made by fantasist Carl Beech, is to also receive nearly £400,000 from the Metropolitan Police towards his legal bills, according to the Daily Mail.

Operation Midland, which began in 2014, saw dawn raids on the homes of 72-year-old Mr Proctor, D-day veteran Lord Bramall and the late Lord (Leon) Brittan, following a series of allegations that turned out to be lies.

Beech, then known as "Nick", falsely claimed that he and other boys were raped and tortured in the 1970s and 1980s by members of a VIP paedophile ring.

He is now serving an 18-year prison sentence for 12 counts of perverting the course of justice and one count of fraud.

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The Met was heavily criticised over Operation Midland in an independent review of the case by former High Court judge Sir Richard Henriques.

He reprimanded the force for believing Beech for too long, detective superintendent Kenny McDonald for announcing publicly that Beech's claims were "credible and true", and officers for applying for search warrants with flawed information and for failing to close the investigation sooner.

Earlier this month, Mr Proctor announced he had reported five former Met officers to Northumbria Police in a bid to spark a fresh inquiry into the investigation.

(Image: PA)

They include allegations linked to applications for search warrants in Operation Midland and a public statement by a detective early in the investigation that said Beech's claims were "credible and true".

Northumbria Police has referred the matters back to the Met.

A spokesman for Scotland Yard said: "The MPS is assessing the complaint."

Watchdog the Independent Office for Police Conduct found no evidence of misconduct or criminality by the officers during Operation Midland.

The Met Police has been contacted for comment in regard to the compensation payout and is yet to respond.

When contacted by the PA news agency about the payout on Thursday, Mr Proctor declined to comment.