Michelle Mone said the government risked alienating business
Lingerie tycoon Michelle Mone has withdrawn her support for Labour in anger at its economic policies.
The Scottish boss of the Ultimo bra empire said the UK Government's recent moves risked alienating business and damaging the economy.
The 37-year-old branded the new 50p top rate of tax "a disgrace".
Leading Scots QC Paul McBride also announced he had abandoned lifelong support for Labour and joined the Conservatives.
Ms Mone, from Glasgow, told the Scottish Sunday Express newspaper: "I certainly don't mind paying more tax if the real benefits are being felt by schools, the health service, the elderly and businesses.
"But to just come and ask for more money to throw away is crazy."
She said it was not fair to punish all the UK's entrepreneurs who had often taken huge risks to make their companies a success.
"I used to be a Labour supporter but I'm not anymore," Ms Mone said.
"None of them have impressed me with their policies and actions, bringing the economy to its knees."
Mr McBride said Labour were now "mendacious and incompetent", relying on smears rather than policy.
His decision was welcomed by the Scottish Conservative leader Annabel Goldie who said it was a sign that the Tories were making "real progress" in Scotland.
A Scottish Labour spokesman said: "Labour have had to take tough decisions over the budget but they are the right ones to help get through the recession.
"Mr McBride and Ms Mone might be upset with the increase in tax for people earning over £150,000. However, the vast majority of Scots support that policy."