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“I expressed this to the most senior figures in the party several times.

“I was originally brought into the party by Gordon Brown during an era where true enterprise was being supported by the party. I signed on to New Labour in 1997 but more recently, particularly in relation to business, I sensed a policy shift moving back towards what old Labour stood for.

“By the start of this year, I had made my decision to resign from the party whatever the outcome of the general election.”

“I have no wish to stick the boot into the party. There are many good people in Labour working hard every day to serve the public, and I wish them all the best of luck. I am grateful for all the experiences being a member of Labour has brought me.

“I intend to continue in the House of Lords, representing the interests of business and enterprise in the UK. I will be making no further comment at this time.”

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