Lord Ashcroft Retires From Parliament

Lord Ashcroft has retired from the House of Lords with immediate effect, to concentrate on his "other activities".

The 69-year-old hinted he would retain his title, writing on his Twitter page: "Retired Lords keep their title and can use the facilities of the House should they wish to."

"Earlier this year Baroness D'Souza, the Lord Speaker, said that any member of the House of Lords who can 'no longer contribute meaningfully' should retire," he said in a statement posted on his website.

"She added that since the House has close to 800 members, 'retirement at the right time should be seen as a condition of membership of the House of Lords - a duty as well as a right'.

"I agree with the Speaker, and have concluded that my other activities do not permit me to devote the time that membership of the Lords properly requires.

"Accordingly, I have today written to the Clerk of the Parliaments giving notice of my resignation from the House of Lords with immediate effect."

Lord Ashcroft, who remains a life peer, said he intended to continue his involvement through his polling organisation and his publishing interests.

A former Deputy Chairman and treasurer of the Conservative Party, Lord Ashcroft has a range of business interests and was estimated in 2009 to be worth around £1.1bn.

He hit the headlines in 2010 when, after 10 years of keeping his tax status private, he admitted he did not pay tax on his overseas earnings in the UK.