Lord Sugar leaves the Labour Party

Alan Sugar, the businessman and peer, has announced his decision to leave the Labour Party. He confirms in a statement today that he officially resigned on Friday, after a period of being disillusioned with the direction the party was heading in.

It seems confusing timing for the decision, with many in the party relishing the chance for renewal following a heavy defeat in last week’s election. However, Sugar says he has been “losing confidence in the party” for a year due to their approach to business.

In 2009, Sugar had been made a peer by Gordon Brown and given the role of ‘Business Champion’. But before the 2012 London Mayor elections, Lord Sugar caused controversy by suggesting that people should not vote for Labour candidate Ken Livingstone.

You can read Alan Sugar’s full resignation statement here (click to enlarge):