In a striking surge of financial backing, donations pouring into UK political parties nearly doubled in 2023, soaring to an impressive £93 million. This surge, as revealed by data from the Electoral Commission, has been credited to the emergence of new mega-donors throwing their weight behind both the Conservative and Labour parties, signaling the potential for an election with unprecedented spending in the nation’s history.
According to the Electoral Commission’s figures, the final quarter of 2023 saw the Conservative Party amassing £9.8 million in donations, closely followed by the Labour Party with £6 million. Notably, 2023 marked a significant milestone for Labour, boasting its most prosperous fundraising year and narrowing the traditional fundraising gap between the two major parties.
Among the standout donors to the Conservative Party was Frank Hester, a prominent figure in healthcare technology, who contributed a substantial £10 million along with his company, the Phoenix Partnership (Leeds). Hester’s endorsement of Rishi Sunak’s AI strategy motivated his support. Another significant contributor was Selva Pankaj, with a donation of £125,000 to the Conservatives.
On the Labour side, Gary Lubner, former Autoglass chief, emerged as the top donor, generously offering £4.5 million to the party. Fran Perrin, daughter of peer David Sainsbury, continued her consistent support for Labour, with donations surpassing £2.3 million.
With the impending election, the Conservatives decided to elevate their spending limits for the pre-election period from £19 million to £34 million, heightening expectations of record-breaking campaign expenditures.
Commenting on the donation surge, Louise Edwards, director of regulation at the Electoral Commission, highlighted the absence of donation limits while underscoring the importance of spending limits to ensure fairness during elections.
The influx of donations coincides with revelations concerning Chancellor Jeremy Hunt’s financial support for his constituency party. Records indicate a donation of £18,084 last November, bringing Hunt’s total contributions since the last general election to £123,345. His constituency party, facing financial strains as evidenced by its balance sheet, received significant backing from Hunt amid fierce competition, notably from the Liberal Democrats, set to vigorously contest Hunt’s seat.
Despite the electoral challenges ahead, Hunt remains steadfast in his commitment to serving his constituents and aims to retain his position as Chancellor following the election.
As the election approaches, political observers anticipate a flurry of campaign activities fueled by substantial financial support for both major parties. With unprecedented levels of backing, the political landscape leading up to the 2024 election is poised for transformation.
