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."
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