By Jonathan Davies

Lord Sugar has resigned from the Labour party, following an 18-year association with the party, including a stint as Gordon Brown's Enterprise Ambassador in 2009-10.

The entrepreneur and star of The Apprentice said he had lost confidence in Labour's business policies and planned to leave, regardless of the outcome of the general election.

Lord Sugar said: "In the past year I found myself losing confidence in the party due to their negatives business policies and the general anti-enterprise concets they were considering if they were to be elected. I expressed this to the most senior figures in the party several times."

Despite making his decision to leave earlier in the year, Lord Sugar said he is "a loyal person" and didn't want his decision "to possibly damage the party's chances in the election".

Lord Sugar intends to continue in the House of Lords, "representing the interests of business and enterprise in the UK".

The well-known entrepreneur didn't give any suggestions as to whether or not he would support another party. His close associate and adviser on The Apprentice, Karren Brady, is a high-profile supporter of the Conservatives.