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Thursday, 15 May 2014

Labour & the Tories clash over party donations

Analysis of Conservative Party donations in the most recent quarter, Q1 2014, shows that half of the Tories' money came from donors who attended private dinners with David Cameron and other senior Ministers. These donors, who include financiers, hedge fund managers and bankers, have given a total of £3.2 million in the last quarter according to new figures. According to Electoral Commission figures, in the most recent quarter hedge fund donors gave £3.27 million, either in their own names or through related companies.

A number of these individuals attend exclusive Leaders' Group dinners with the Prime Minister and other senior Cabinet members. Those who have attended the leaders group donated a total of £3.19 million in the recent quarter. This government has given a £145 million tax cuts for hedge funds. The 2013 Budget abolished stamp duty reserve tax on funds, a £145 million giveaway to hedge funds.

Commenting, Michael Dugher MP said: "Hardworking people are worse off under David Cameron, but his party is better off. David Cameron's party is increasingly bankrolled by a small number of millionaire bankers and dinner donors. It's no wonder his government stands up for a privileged few over hardworking families. Half of the many millions rolling in to Tory coffers during the last quarter came from a wealthy elite who have exclusive access to the top table. These are the same millionaires who have been given a tax cut by the same Tory Government which is failing to address the cost-of-living crisis facing families. When the Tories are reliant on so few, the many are being overlooked."

In response the Conservatives pointed that the Unite Union have given £1.8m to the Labour party in the first three months of 2014. The Conservative Party Co-Chairman, Grant Shapps, said: "Ed Miliband said he'd stand up to his union paymasters like Len McCluskey - but he's failed and broken his promise. Ed Miliband is too weak to stand up to his union bosses and that means he's too weak to stand up for Britain. Union bosses are still in the driving seat at Labour HQ. They are holding the purse strings, selecting the candidates and picking the policies. We all know what this means - more borrowing, more spending and more taxes hitting families across the country. It's the same old Labour Party."