Conservative donations pulled ahead of Labour’s as confidence collapsed in the Government only a few months after it was elected.
The latest figures show the Tories raised more in total than Labour in the three months following the general election.
During that time, the Government was dogged by a freebies scandal, the sacking of Sue Gray as chief of staff, and a backlash against the cut to winter fuel payments.
In the run-up to the general election, Labour raised more than all other political parties combined. But, since then, donor confidence has apparently slumped.
Labour raised more than the Tories for several months before it was elected. In the second quarter of this year, donors gave the party more than £28 million.
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But in the third quarter of 2024 – July to September – Labour reported total donations of £2,616,816 while the Tories pulled ahead with donations worth £3,162,665, according to the Electoral Commission.
The Tories stronger showing is partly thanks to public funding for the party of Opposition which was not available when they were in government.
Higher donations to the Conservatives will be a boost for Kemi Badenoch, recently elected as the new Opposition leader.
There were lay-offs at Conservative Campaign Headquarters (CCHQ) following the election after fundraising had dried up.
Before the election, some leading Tories urged the party not to “blow” its war chest of millions of pounds on a campaign it was unlikely to win.
One of Ms Badenoch’s challenges as party leader will be to rebuild the party’s campaign machine in preparation for coming electoral tests such as the local elections in the spring.
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A Conservative Party source said: “The Conservative Party is renewing under Kemi Badenoch’s leadership to make it a proper fighting force in the years ahead.
“In the last quarter, the Conservatives brought in more money than Labour, the Lib Dems and Reform because only the Conservatives can provide strong opposition to this Labour government of broken promises, higher taxes and weak leadership.”
It came as Reform, the Right-wing challenger party, courted the support of the world’s richest man, Elon Musk. Nigel Farage, the party’s leader, met Mr Musk this week at Mar-a-Lago, Donald Trump’s Florida home.
Rumours that the Tesla and X boss could donate up to $100 million (£80 million) to Mr Farage’s party have spooked both the Tories and Labour.
The Government is reportedly considering a clampdown on donations from foreigners.
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