Prime Minister David Cameron suffered yet another embarrassing defection on Wednesday, as former Tory donor and millionaire Arron Banks announced he will redirect his monetary allegiance to UKIP. The news follows a spate of Tory defections.

Banks, a UK insurance mogul who has channeled hundreds of thousands of pounds into Conservative Party coffers since 2005, has announced he will present UKIP leader, Nigel Farage, with a sizeable 100,000-pound donation.