Commenting on Lord Ashcroft’s admission that he is non-domiciled for tax purposes, Liberal Democrat Shadow Home Secretary, Chris Huhne said, “The Conservatives’ biggest donor is a tax-dodger from Belize who has not paid a penny of British tax on the vast bulk of his estimated £1.1bn fortune held offshore.

“This raises extraordinary questions about the judgement of successive Tory leaders – William Hague, Michael Howard and David Cameron – whose view seems to be that only little people should pay tax.

“The Tory party has been bought like a banana republic.”