A new "progressive" conservative party will make its electoral debut when it fields candidates in the Scottish parliament and Welsh assembly elections in May.

The New Party for Britain, funded by a mystery Scottish industrialist, is planning a nationwide launch in February and hopes to persuade well-known right-of-centre political figures to stand.

The party will select candidates who are socially liberal and support greater redistribution of wealth to the poor. It is also opposed to green taxes and is strongly eurosceptic.