The former Tory Cabinet member is set to be ousted after he led a revolt in the Upper Chamber against the Government by calling for an amendment requiring Parliament's approval for an EU divorce deal or for Britain to leave without any deal.
Speaking to Sky News shortly after learning his fate, Lord Heseltine said: "I have been working for the Government now for six years.
Lord Heseltine has suggested Britain is unlikely to get a favourable Brexit deal
The Europeans are not going to offer us a good deal, because if they offer us a good deal they may lose other members of the European Union
“It has been a huge privilege. Of course I'm very sad and sorry to see it go – but in the you have to be true to yourself and I knew I had to make that speech today in the House of Lords.
"All people like me in the House of Lords are saying is that the ultimate sovereignty of this country lies in Parliament. That's what the Brexit people have been saying along – 'we've got to have sovereignty back'.
“Well if you have sovereignty back surely Parliament is the custodian of sovereignty?
"We're not trying to overrule the Commons, or become an equal partner to the Commons, we're merely doing what the House of Lords traditionally is expected to do: which is to ask the Commons to think again.”
Lord Heseltine pictured in the Lords during the Brexit Bill debate
The former Defence Minister also suggested Britain has no hope of getting a good Brexit deal, suggesting European leaders are wary of losing further EU members if Britain is given an easy exit.
He added: “The Europeans are not going to offer us a good deal, because if they offer us a good deal they may lose other members of the European Union.
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All the pictures from Brexit Bill Tuesday Tue, March 7, 2017
Theresa May is facing a second defeat on her Brexit bill Tuesday as the House of Lords votes on another change which would give parliament the final say on leaving the EU
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Archbishop of Canterbury, Justin Welby, speaks in the House of Lords Chamber at the start of the third day of The European Union (Notification of Withdrawal) Bill
“None of us know what’s going to happen over the next couple of years – none of us can see what governments we're going to be dealing with in Europe.
“We can't see what the circumstances are going to be, we can't see what the deal is going to be.”
Earlier on Tuesday peers backed the amendment with 366 voting in favour and 268 voting against.
The peers' amendment
Responding to the House of Lords vote, Brexit Secretary David Davis charged peers with seeking to "frustrate" Brexit.
The Cabinet minister, who entered the House of Lords to keep a watch on the peers' debate this afternoon, said: “It is disappointing that the House of Lords has chosen to make further changes to a Bill that the Commons passed without amendment.
"It has a straightforward purpose – to enact the referendum result and allow the Government to get on with negotiating a new partnership with the EU.
“It is clear that some in the Lords would seek to frustrate that process, and it is the Government's intention to ensure that does not happen. We will now aim to overturn these amendments in the House of Commons."