Brexit-backing Manchester United co-owner Jim Ratcliffe declares his support for Labour - as he says Starmer will do 'sensible job' as PM - after 51 years backing the Tories

Billionaire John Caudwell last night turned his back on the Tories after 51 years of support.

The Phones4U tycoon, who gave £500,000 to Boris Johnson's 2019 election campaign to keep Jeremy Corbyn out of No 10, said he was persuaded by Labour's 'socialism through capitalism' in its manifesto.

He told The Times: 'Having seen the way the Tory Party has performed in the last five to six years I found myself completely unable to vote for them again.'

Sir Jim Ratcliffe, the Brexit-backing co-owner of Manchester United, also declared his support for Labour last night.

Britain's fourth-richest man said he liked Sir Keir Starmer and believes he will do a 'very sensible job' as Prime Minister.

Former Dragons' Den star Theo Paphitis, who owns stationery chain Ryman and homeware shop Robert Dyas, said that he, too, was backing Labour.

He accused the Tories – to whom he gave money in 2015 and 2017 – of having 'consistently ignored' small enterprises.