The American software entrepreneur, who is best known for featuring in previous editions of the BBC business funding show, has been appointed by the Conservatives to look at how Labour funds enterprise, Freelance UK reported.

He said: "Both the quality and quantity of state support for business needs a complete rethink.

"The failure to provide effective support is both a waste of taxpayers' money and a lost opportunity to grow an entrepreneurial economy. A willingness to spend money is not enough."