A MILLIONAIRE former Tory turned Ukip donor yesterday after comparing EU membership with having a “first-class ticket on the Titanic.”

Aaron Banks, who has previously given some of his huge insurance fortune to the Tories, wrote a whopping £1,000,000 cheque for Ukip leader Nigel Farage.

Mr Banks became the latest Tory to jump ship during the the party’s conference and his defection was timed to coincide with David Cameron’s speech.

In a bid to deflect the latest blow, Mr Cameron told members yesterday that “If you vote Ukip, that is really a vote for Labour.”

But Labour frontbencher Michael Dugher said: “David Cameron is haemorrhaging support and his authority is ebbing away.

“He can’t control his party, which clearly has no confidence in his leadership.

“And once again we see that Ukip is reliant on Tory money as well as Tory policy and Tory politicians, putting paid to the idea that it stands up for working people.”