After his name was released on Monday, Mr Yang said he was a victim of the “political climate”.

“When relations are good, and Chinese investment is sought, I am welcome in the UK. When relations sour, an anti-China stance is taken, and I am excluded,” his statement read.

He said he had dedicated his professional life in the UK “to building links between British and Chinese businesses” and that he had been part of bringing “hundreds of millions of pounds” of investment into the country.

“I built my private life in the UK over two decades and love the country as my second home. I would never do anything to harm the interests of the UK.”

Mr Yang’s lawyer, Guy Vassall-Adams KC said his client would still be seeking to appeal his banning order.

By 2020 he was running a company that was “advising and consulting” to UK businesses on their affairs in China.

The judgment revealed that he was an honorary member of the 48 Group Club, a London-based group of prominent British leaders, politicians aimed at promoting trade between the UK and China.

Security officials had argued that Mr Yang’s membership of the club “which has a number of prominent UK figures as members” could be leveraged for political interference purposes by China.

In a response to the US-funded Radio Free Asia media group on the weekend, the 48 Group Club said H6 never had any involvement with the work of the group and only had honorary membership.

Mr Yang has met with many senior figures in the UK, including former Prime Ministers David Cameron and Theresa May, and Prince Andrew, to whom he was described as a “close confidant”.

A former Conservative leader warned on Monday that the alleged spy could be the “tip of the iceberg” of those in the UK doing the same job.

In the House of Commons, Sir Ian Duncan Smith asked Home Office Minister Dan Jarvis to make a statement on the “extent of United Front Work Department operations within the UK”.

The United Front Work Department is an arm of the Chinese Communist Party (CCP) which Mr Yang is thought to have been associated with. The department is tasked with conducting influence operations.

Jarvis said the UK government was “absolutely committed” to using the “full range of powers” available to it to disrupt individuals that pose a threat.

The minister was also pressed on the foreign influence registration scheme, which Sir Ian earlier accused the government of abandoning because it did not want to “upset” China.

Jarvis said the scheme, which would require foreign lobbyists to disclose details of their activities, would be implemented by the summer.

Prime Minister Sir Keir Starmer earlier told a press conference that the government had been working on the scheme “from day one in government” and there would be an update “shortly”.

He said the government was “concerned about the challenge that China poses”.

“In relation to any discussions with Buckingham Palace, there’s a long-standing convention in the United Kingdom that that’s never spoken about,” he added in response to questions on Mr Yang’s close ties to Prince Andrew.