Apprentice star and peer Lord Sugar has announced that he is quitting the Labour party.
Lord Sugar said his resignation was accepted as the party had been “aware of my disillusionment for some time”.
He added he had lost confidence in Labour during the last 12 months due to their “negative business policies and the general anti-enterprise concepts” they were proposing should they be elected under Ed Miliband’s leadership.
Lord Sugar said he informed the party of his decision on Friday and kept his intentions quiet during the election campaign rather than use them to “possibly damage” Labour’s election chances.
He was initially appointed a peer by the previous Labour administration in 2009, but launched a scathing attack on the vision outlined during Mr Miliband’s tenure.
In a statement, Lord Sugar said: “In the past year I found myself losing confidence in the party due to their negative business policies and the general anti-enterprise concepts they were considering if they were to be elected.
“I expressed this to the most senior figures in the party several times.”Lord Sugar’s statement in full:”I informed the party on Friday of my decision to resign which they accepted as they had been aware of my disillusionment for some time.
“In the past year I found myself losing confidence in the party due to their negative business policies and the general anti-enterprise concepts they were considering if they were to be elected. 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.
“However, I am a loyal person and rather than use my decision to possibly damage the party’s chances in the election, I decided, as a relatively high profile individual, to keep my intentions quiet for the duration of the campaign.
“In the past few weeks I have declined hundreds of media requests to talk about the proposed policies of the party, particularly in relation to business, and instead opted to remain quiet.
“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.”