'They've lost the plot': Ex-Tory donor and Dragons' Den star Theo Paphitis reveals why he's switched support to Labour

19 June 2024, 20:12 | Updated: 19 June 2024, 20:15

Dragon's Den star Theo Paphitis on why he thinks Labour are ‘a fantastic option for business’

By Emma Soteriou

Ex-Tory donor and Dragons' Den star Theo Paphitis has revealed why he has decided to switch support to Labour in the upcoming General Election.

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Speaking to LBC's Tom Swarbrick, Mr Paphitis said the Tories "continue to tear themselves apart", saying key figures in the party had "done the damage and now they're running away".

"They've left poor Rishi on his own, trying to hold what clearly is a sinking ship," he said.

"It's a proper kamikaze," he added. "It's as if they want to implode."

Mr Pahpitis went on to explain that Labour had made themselves "a lot more attractive to the general public, to people like me, to business".

Read more: Rishi Sunak set 'to become first PM to lose seat' in election wipeout with Conservatives down to just 53 MPs, poll finds

Read more: Keir Starmer tells Gary Neville he needs to win British people's trust, as he warns turning UK around will take 10 years

Theo Paphitis: 'It's a proper kamikaze... it's like they want to implode'

He hit out at Mr Sunak's claims that rich men can afford to back Labour as taxes may increase under their government.

During an exclusive phone-in on LBC on Wednesday, Mr Sunak was asked how significant it is that two of Britain's richest men - John Cauldwell and Sir Jim Ratcliffe - are backing Sir Keir.

He said: "They're two of Britain's richest men, they can probably afford Labour's tax rises. But for tens of millions of people who are working really hard, they can't."

Responding to his comment, Mr Paphitis said: "Well, that is absolutely choice, Rishi Sunak, calling me rich? This is more delusional than I ever, ever put them down for.

"One of the richest men in the United Kingdom - I mean it, they are totally delusional. They've lost the plot.

"They are just spouting things that makes them even more look even more ridiculous."

The former Dragons' Den start added that his support for Labour was "genuine" and that it was not about "giving them money or them asking for money".

"If you're with the Tories, it's give me money, right? And that makes you a donor and gives you influence," he said.

"Well, strangely enough, my support for Labour is genuine. It's not about giving them money or them asking me for money."

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