UK (Parliament Politics Magazine) – The Conservatives received nearly £2m in funds in late 2024, twice Labour’s £1m, while Reform UK brought in £280,000 amid efforts to secure larger donors
At the end of last year, Tories secured double the donations of Labour, with £250,000 donated by Michael Ashcroft.
How did the Conservatives outraise Labour in late 2024?
Under Kemi Badenoch’s leadership, the Conservatives raised almost £2m in donations in the final months of 2024, even as some Tory donors showed interest in Reform UK and others moved to Labour.
Lord Ashcroft, an ex-Tory treasurer and political publisher with dual British and Belizean nationality, contributed more than £5m to the Conservatives in the decade leading up to 2010. His funding declined during Cameron’s administration. However, his recent £250,000 donation marks his biggest since giving £500,000 in the 2017 election.
Northern Irish businessman Chris Rea donated £200,000 to the Tory party, while Richard Harpin, HomeServe’s founder, contributed more than £150,000. Furthermore, several £50,000 donations were reportedly part of yearly fees for party donor club memberships.
Critics within the Tory party, doubtful of Ms. Badenoch’s leadership, argued that the party was struggling to maintain its usual funding levels and risked losing more donors to Reform UK.
Last year, political parties raised £100m in party funding, a notable decline from the £117m raised during the 2019 election year when Boris Johnson and Jeremy Corbyn contested against each other.
How much party funding did Labour and Reform UK raise in 2024?
The Labour Party secured £1m in donor contributions, with trade unions donating at least half of the total. A party source revealed that Labour faced difficulties in securing business contributions due to concerns over the national insurance hike and tax changes.
Reform UK secured £280,000 funding during the final quarter of 2024, with a £100,000 contribution from Roger Nagioff, a private equity executive who, according to his LinkedIn account, appears to be based in Monaco.
After ex-Tory donor Nick Candy assumed the role of Reform UK’s treasurer in December, the party confidently announced that million-pound donations were on the way. However, its latest donations have yet to make a significant difference.
What did Jackie Killeen say about political donations in 2024?
Jackie Killeen, the director of administration and regulation at the Electoral Commission, stated,
“Almost £100m in donations was accepted by political parties during 2024. It is not unusual to see a spike in donations in the lead-up to general elections as political parties began to campaign, and a drop in donations in the quarters after.”
Ms Killeen emphasized the need for stricter regulations on political donations. The commission proposes limiting corporate donations to UK-earned revenue, mandating political parties to verify donor legitimacy through know-your-donor checks, and ensuring that contributors to unincorporated associations meet legal requirements.
Elon Musk’s donation pledge to the Reform UK
The close ally of Donald Trump, Elon Musk, was reportedly considering a £100m donation to Reform UK, but he later changed his opinion following a disagreement with Nigel Farage over the party’s stance on far-right leader Tommy Robinson. Mr. Farage’s decision to distance Reform UK from Robinson led to Musk breaking his promise.
In one statement, Mr Musk also called to replace Nigel Farage as Reform’s UK leader. On 16 December, Elon Musk and Nigel Farage met at Donald Trump’s Mar-a-Lago resort.
The Reform party at that time, stated,
“We had a great meeting with Elon Musk for an hour yesterday. We learned a great deal about the Trump ground game and will have ongoing discussions on other areas. We only have one more chance left to save the west and we can do great things together.”