Financial Fiasco: Tory Donors Pull Back as Sunak’s Campaign Struggles, Leaving Conservatives in Donation Doldrums

Tory benefactors withhold contributions… Maybe Sunak could use his personal wealth?

Typically, the Conservatives lead the pack in political party donations. However, recent figures from June 6 to June 12 show the Tories trailing in fourth place, a significant drop in their usual standings.

Senior political reporter @joncraig

Friday, June 21, 2024, 7:

Track the financial trail, as the expression advises.

Financial support is not flowing to the Conservative Party during this election cycle, as key contributors are withholding their donations.

The latest data reveals that the Conservative Party is not just trailing behind Labour in terms of financial resources, but also finds itself outpaced by both Reform UK and the Liberal Democrats.

Latest Election Update: Tory Campaign Faces Additional Setbacks

The significant drop in contributions, relative to the millions that flowed to the Tory party during Boris Johnson's 2019 campaign, indicates a profound sense of disenchantment with Rishi Sunak among wealthy Conservative supporters and tycoons.

Why continue to invest in a sinking ship? This is likely the query on the minds of the Conservative Party’s previous major contributors, as Mr. Sunak’s campaign seems to stumble from one disaster to the next.

The party's poor performance in opinion surveys, combined with mistakes such as the prime minister's D-Day debacle and a recent scandal involving allegations that insiders gambled on the election date, indicates that the financial shortfall may continue to deepen.

The most recent data released by the Electoral Commission, which is often considered a less effective regulatory body, mark the first update since Mr. Sunak's highly criticized disregard for D-Day veterans. The figures also show that Nigel Farage's return has positively impacted the financial standing of Reform UK.

The numbers are astonishing

Typically, when it comes to rankings of political party donations, the Conservatives are often leading the pack. However, the latest figures from June 6 to June 12 show a different story, with the Tories ranked in fourth place. This represents a significant drop.

During that particular week, the Labour Party garnered an impressive total of £4,383,400 in contributions, significantly boosted by a £2.5 million donation from Lord Sainsbury, a notable figure from the supermarket empire. This brought the total donations to £5.3 million in the initial two weeks of the campaign.

Prominent Blair supporter, Lord Sainsbury, had paused his donations during Jeremy Corbyn's leadership, but has resumed his contributions. Meanwhile, another major Labour donor, Autoglass magnate Gary Lubner, contributed £900,000.

During the election period, it's common for the chief executives of major unions to donate substantial amounts of money, often reaching into the hundreds of thousands or even millions. However, in the week of June 6 to June 12, the only contribution from a union came in the form of a £100,000 donation from Aslef, the train drivers' union.

This indicates that Sir Keir Starmer's Labour Party is now more dependent on millionaires than union leaders to support its campaign finances. The Labour leader claims the party has transformed, and indeed, this is a notable shift.

Discover more: Farage claims the West 'instigated' Russia's assault on Ukraine. Insight: Sunak's miscalculation of his audience on a critical matter.

What is the cost? Are the wealthy contributors seeking to sway Labour's stance on tax matters such as capital gains and wealth taxation? Moreover, how will the substantial financial contributions from these moguls impact Angela Rayner's initiatives on labor rights?

Meanwhile, the Conservative Party's campaign funds are severely depleted, mirroring their dismal poll numbers. Between June 6 and 12, they raised just £292,500, and in the initial two weeks of the campaign, total donations amounted to only £882,000.

Reform UK, experiencing a revival, received £742,000 in contributions, with significant amounts coming from two separate donations of £250,000 each from a company named Britain Means Business, which is managed by the party's former leader, Richard Tice.

Mr. Tice appears to have been pushed out of the leadership role by Mr. Farage, who has taken over as the head of the party. Despite this, Mr. Tice continues to fund the party himself, which reportedly has garnered £1.5 million in contributions since Mr. Farage's return.

Reform UK received a generous contribution from their celebrity endorser, Holly Vukadinovic, better known as pop singer and ex-Neighbours actress Holly Valance, famous for her song "Kiss Kiss." She donated £50,000 to the party.

The Liberal Democrats, receiving £335,000, surpassed the Conservatives in funding, thanks in part to a £100,000 bequest from the deceased party donor and ex-lawyer John Faulkner. This influx of cash should finance additional whimsical stunts by Sir Ed Davey.

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However, as Mr. Sunak encounters a funding withdrawal, he might consider seeking financial support from his wealthy spouse, Akshata Murty. According to The Sunday Times rich list, their combined fortune amounts to £651 million, surpassing that of the King.

Or maybe not. What's the point of wasting more money on a lost cause?

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