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Politics

Conservatives outstrip Labour in pre-election fundraising

In the lead-up to the UK general election, the Conservative party has raised more than double the funds of the Labour party, despite Labour leading in polls. Major donations boost Conservative resources, posing a challenge for Labour.

In the run-up to the forthcoming UK general election, the Conservative party has significantly outpaced the Labour party in fundraising, securing £47.4 million in donations, more than double Labour’s £21.7 million, according to the Electoral Commission. This financial disparity comes despite Labour’s lead in public opinion polls and lays bare the challenge Labour faces in matching the Conservatives’ resources.

Among the substantial contributions to the Conservative party were a £5 million donation from The Phoenix Partnership, a healthcare technology firm, and a record £10 million from the estate of the late Lord John Sainsbury. Individual contributions also played a significant role, with donations from figures such as Professor Chris Wood and South African businessman Gary Lubner to the Conservatives, and notable Labour donors including Lord David Sainsbury and Francesca Perrin.

The Labour party also reported a record amount of private donations in 2023, totaling over £13 million, marking a shift in its financial backing away from traditional trade union sources towards individual and company donors. High-profile contributors included Gary Lubner, who donated £4.5 million, and Lord David Sainsbury. Labour Chairwoman Anneliese Dodds attributed this fundraising success to Keir Starmer’s leadership and the party’s promise of change in Britain.

Despite these gains, the Conservative party’s fundraising efforts were bolstered by nearly £41 million in private donations in 2023, including the significant bequest from Lord John Sainsbury. The Liberal Democrats, seeking to challenge both major parties, raised £6.5 million last year.

The increased financial stakes are further amplified by the government’s decision to raise the election spending cap by 80% and boost the individual donation limit, signaling an evolving landscape of political funding in the UK.

As both the Conservative and Labour parties gear up for the electoral contest, with Labour focusing on closing the fundraising gap and both parties rallying their financial supporters, the impact of these donations on the campaign dynamics and strategies in the coming months remains a focal point of interest.

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