The Conservative Party significantly outpaced Reform UK in fundraising during the first three months of the year, despite facing declining poll numbers. This financial advantage provides a boost to the Conservative leader, Kemi Badenoch, particularly after the party's recent drop in a major poll.
Official figures from the Electoral Commission reveal that the Conservatives raised £3.4 million, while Reform UK secured £1.5 million. Labour collected £2.4 million, and the Liberal Democrats also raised £1.5 million. The Conservatives criticized Reform, which had recently experienced internal leadership changes, for failing to secure promised donations and for what they described as an unrealistic approach to finances.
£613,000 from the company of deputy leader Richard Tice. In response, Reform's leader accused both Labour and the Conservatives of relying on the ability to grant peerages to fund their parties for many years.
A Conservative source indicated that a substantial portion of the funds raised by the party would be used to address election debt. The source also commented on Reform's financial situation, suggesting that the party's lack of funds had led to staff reductions.
The Reform leader acknowledged the challenges of raising substantial funds in politics, particularly without the ability to offer peerages. He emphasized his efforts to cultivate relationships with potential donors, while also noting that a significant portion of the party's revenue comes from smaller donations from supporters.
The Conservatives received a substantial single donation of £1 million from Jez San, a computer game entrepreneur. David Ross, the founder of Carphone Warehouse, who had previously stopped donating to the party, also contributed £40,000. Mr. Ross is set to become the party's senior treasurer later in the year.
The Liberal Democrats had the highest number of individual donors, with 246. The Conservatives had 122, Labour 93, and Reform 70. The Conservatives emphasized that the latest figures built on the momentum of the previous quarter, where the party raised £1.9 million.
Lord Dominic Johnson, co-chairman of the Conservative Party, expressed confidence in the party's financial standing, highlighting the contrast with Labour's reliance on union donations and Reform's struggles. He stated that the Conservatives were the party of sound money and economic credibility, and that donors were supporting Kemi Badenoch's vision for Conservative renewal.
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