ES News email The latest headlines in your inbox twice a day Monday - Friday plus breaking news updates Enter your email address Continue Please enter an email address Email address is invalid Fill out this field Email address is invalid You already have an account. Please log in Register with your social account or click here to log in I would like to receive lunchtime headlines Monday - Friday plus breaking news alerts, by email Update newsletter preferences

A new centre left, pro-business party could emerge in the event of a heavy defeat for Labour in the General Election, Sir Vince Cable has predicted.

The Liberal Democrat former Business Secretary said a landslide victory for Theresa May’s Conservatives would pave the way for conversations about the formation of a new political party.

Sir Vince, who is hoping to regain his former seat in Twickenham, said there would be a period of “blood-letting” in Labour if the party suffers the heavy losses predicted.

"I think many of the Labour people are just waiting to see, to get this election out of the way,” he told the BBC.

“I think frankly then you will have a lot of bloodletting because it's clear that Jeremy Corbyn is not going to win, he's going to be trounced, the Labour Party's future is in great doubt and we have hung in there.

"We have recovered and established a base.

"Then there will be serious conversations about where British politics goes and how you create an alternative to the Conservatives which is centrist, centre left, pro business, practical offering an alternative to what is potentially a very damaging form of Conservatism."

There has been speculation a new party could be set up after the General Election amid rumours up to 100 MPs could be plotting to form a breakaway group.

Former Lib Dem leader Paddy Ashdown said thousands of people in the centre ground had been left feeling "voiceless" and unsure who to vote for.

Speaking to BBC Radio 4's The World This Weekend, he said: "Here is the point that really strikes me is that the vast majority, thousands, millions perhaps, of people who are moderate, who do believe in those quintessential British values, who represent what is the centre of gravity of our country, by the way, where elections are won, now don't find any party that they want to put their voice behind.

"Now I would recommend them to vote Lib Dem but in their constituency that may not work to achieve whatever else they want to achieve."