A statement issued by Mick's camp said: "During my career I have always eschewed party politics and came to Davos as a guest, as I thought it would be stimulating.
"I have always been interested in economics and world events. I now find myself being used as a political football and there has been a lot of comment about my political allegiances which are inaccurate. I think it's best I decline the invitation to the key event and curtail my visit."
The musicians withdrawal from the World Economic Forum is embarrassing for the Government.
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