This leaves Sky, which floated on AIM two years ago and has taken a 25 per cent stake in Russian trading concern Crown Corporation, without a UK representative on its board.

The company, led by Wall Street trader Ross Mandell, now has only three directors, and only one non-executive, former US Senator and Vietnam veteran Larry Pressler. Executive chairman Mandell plans to appoint a UK director shortly, which would be useful considering Sky is active in London, having bought penny share shop Everett Financial last year.

Carrington, who represented Fulham for ten years until 1997, may have his mind on the forthcoming election and have decided to clear his desk for the fight ahead. Last time around he tried in vain to win back his seat, but he has not been adopted by a constituency yet.

He is also chief executive of the Retail Motor Industry Federation, which represents 10,000 car dealers, garages and the like.