NORTH Yorkshire-based multi-millionaire Paul Sykes has reportedly thrown his weight behind William Hague's campaign to save the pound.

The tycoon was today not available to comment on claims that his Democracy Movement would be co-operating with the Tories in the run-up to the next general election.

But a spokeswoman said he was due to release a statement on future relations between his anti-EU movement and the Conservative Party.

The move follows a national newspaper story saying Mr Sykes, the chairman of the movement, had decided to give £20m backing to the campaign by Tory leader William Hague to save the pound.

This was said to follow from Mr Hague's speech in Wales last weekend in which he pledged to hold referendums not only on joining a single currency but on other issues of further European integration.

Today, a spokeswoman at the Democracy's Movement's London headquarters said Mr Sykes was in the capital to meet the organisation's directors about the issues in the article.

A statement would be issued following the meeting, and no further comment was possible until then.