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Donations from the City

The Bureau of Investigative Journalism reports that more than 50% of Conservative Party donations come from the City. Not sure this is news to anyone – though the report does give some details on some of the largest donors.

The report in the Guardian comments:

The study shows the impact that Michael Spencer has had on party funding. He was appointed by Cameron as Tory treasurer in an attempt to reduce the influence of Lord Ashcroft, the party’s former deputy chairman. Spencer was asked by Cameron to increase the number of relatively small donations of £50,000 to curb the influence of large donors such as Ashcroft, and for these smaller donations the City was place to look.

While the focus in the headlines is with the big donors, the comment above suggests that the Conservative are already preparing for donations to be capped at £50k or £25k. If such a cap is imposed, they will be in a position to tap into a pool of donors from the City that can contribute the maximum sum each year. If other sources of funding (whether union, company or public) are restricted, then the other political parties may well struggle to match that fundraising effort.

Categories: Party funding
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