Tory tycoon says UK must get right Brexit deal or '˜walk away'

Mr Cruddas - a self-proclaimed major Brexiteer - accused peers of seeking to block Brexit by backing amendments to give Parliament a “meaningful vote” on the final deal and how to proceed in the absence of a withdrawal agreement.

The spread betting tycoon, 64, told the Press Association no deal was better than a bad deal for the UK and claimed peers had overstepped the mark after seeking to push through 15 amendments to the Brexit Bill.

He said: “I was very disappointed with the Lords - it seems to me they exceeded their authority.

“It’s clear to me they were trying to block Brexit, not trying to amend Brexit terms for the sake of the country.”

He added that rebel MPs were “trying to go against constituents”.

“It’s madness,” he said.

“We should just get on with it - business needs certainty.”

But he insisted the right deal was vital.

“I’m a supporter of walking away unless we get the right deal for the country,” he said.

Remaining tight-lipped on Theresa May’s handling of the negotiations, he instead pointed the blame on rebel MPs, Peers and the EU.

“Politics is getting in the way of reality,” he said.

Last week Mrs May secured victory in a critical commons vote, defeating an amendment tabled by Dominic Grieve over a “meaningful vote” for MPs on the UK’s exit.

The CMC chief’s comments come as Airbus becomes the latest firm to warn that it could pull out of the UK in the event of a “no-deal” Brexit, joining Square Mile firms who have already started shifting staff out of the City.

But Mr Cruddas - ranked 206th in this year’s Sunday Times Rich List and one of the biggest donors to the Vote Leave campaign - believes the City will hold firm on its position as a global financial centre after Brexit.

He said fears over an exodus of bank staff were overplayed after the EU referendum, but said the City needs to be able to trade freely with the EU even if firms lose their so-called passporting rights should the UK leave the single market.