The ex-BBC journalist, who hailed his landslide victory two years ago as a political miracle, said he could not break his promise to serve Tatton for one full term before stepping down.
"I don't think politicians should renege on their promises," he said.
"The circumstance was a very extraordinary one and these circumstances have gone away. I have expressed my regret but I have made a promise."
But the MP said this week he would not endorse any candidate at the next general election - even an Independent - nor could he back the foundation of an independent party.
"You can't have a party of independents," he said. "I would like to see more independent candidates in local and national elections. But I think it's unlikely to happen."
Instead he said his contribution to
independent politics would be to lead by example.
"I'm being realistic," he said. "I'm using such influence as I can to forward an independent point of view the House of Commons.
"I would not be paying attention to my constituency otherwise."
Mr Bell talked to the Knutsford Guardian on Monday after maverick Labour MP Paul Flynn joined the growing list of supporters, calling on Mr Bell to change his mind and fight Tatton again.
In May 1997, moments after the former war correspondent had overturned Neil Hamilton's notional majority of 22,000 - and polled 11,077 more votes than his Tory opponent - he told his jubilant supporters: "I believe you have lit a beacon which will light dark corners and will illuminate the Mother of Parliaments itself.
"It was not my victory, it was your victory. What you have accomplished here has been to me some kind of political miracle."
But on Monday, Mr Bell said the circumstances of his victory had gone away - and the people of Tatton were now enjoying a 'holiday' from the party system.
"At the moment we have a pretty good consensus going," he said. "We don't have the sort of acrimony other constituncies have. People are enjoying the holiday."
In recent newspaper and television reports, the Tatton Tories' new man, George Osborne, said it was 'time someone spoke up for the people of Tatton'.
The freelance journalist also claimed voters in the constituency had had a 'tough two years' under Mr Bell.
Although Mr Bell refused to be drawn on the Tory candidate's comments, he said he wouldn't stand down yet.
"I was elected the MP," he said. "I was not elected because I was not Neil Hamilton. I had a manifesto."
He promised to pay 'close attention' to Mr Osborne's future remarks.
"I won't hesitate to respond if he doesn't take me seriously."
"I think they are right not to take Tatton for granted and to fight it as a marginal," he said.
"Nothing is certain any more in politics."
Converted for the new archive on 13 March 2001. Some images and formatting may have been lost in the conversion.
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