Roland Rudd announced that he was standing down in a letter to activists last week

The multimillionaire Roland Rudd is at the centre of an extraordinary power struggle at the heart of the People’s Vote campaign.

In a letter to grassroots activists last week, Rudd said he would stand down as chairman of Open Britain, the most powerful group within the coalition that makes up the People’s Vote campaign.

The announcement from Rudd, a PR guru who raised funds from his City network for the failed 2016 Britain Stronger In Europe campaign, reflects his belief that new leadership is needed if a remain campaign is to win a second referendum.

In a memo to the Open Britain board and campaign groups on August 20, Rudd said: “I will stand down as chair as soon as a suitable replacement is found.”