The former deputy Prime Minister has claimed Brexit will "diminish our status in the world" claiming the only solution is a second vote.
Appearing on the breakfast show with Julia Hartley-Brewer, Lord Heseltine said the European Union is "one of the cornerstones of British power", and that the UK will be left with "a vacuum" if Brexit goes ahead.
"The fact of the matter is that we are stepping down from one of the cornerstones of British power which is the European Union, and that will leave a vacuum where we should have a voice. There's no escape from that, there's no economic benefits from it," he said.
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"The fact of the matter is that people were deceived. They were bribed with promises about the National Health Service, they were told immigration would be under control.
""Neither you, nor I, nor the prime minister know what leaving Europe meant.
"The only way to resolve this issue is to put it back to the people."
Lord Heseltine also aires his concerns about the ageing population and its influence on the outcome of the referendum.
"What you find is that every year a serious number of elderly people die who are Brexiteers, and their place is taken by a group of younger people who are pro-European. So I don't believe there is a majority anymore. So, if we have all this talk of democracy, let's put it to work."