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Labor has secured a record amount of money from private donors as Sir Keir Starmer builds up the party’s coffers in the general election.
In 2023, Labor accepted £13.6 million in donations from individuals, separate from the money it receives from trade unions, Electoral Commission figures have revealed.
The previous highest amount was raised in 2005, when Tony Blair won a third term, when £10.8 million was raised.
The biggest single donor in 2023 was Gary Rubner, founder of Autoglass, who donated £4.5 million. At the time, he said he wanted to help Mr Starmer’s party stay in power “for a long time”.
Labor’s total fundraising total for 2023 is £31m, including £5.9m in contributions from unions.
The Conservatives raised a total of £48 million, including £35.8 million in private donations. Of the six total donations, the Liberal Democrats raised £8.4m and Reform UK just £255,000.
The figures come as Labor resists calls for tax hikes on the rich to fill the £20bn spending black hole left by the Chancellor’s Budget, which removed the Opposition’s flagship policy of taxing non-citizens and extending windfall taxes. It was made public after it became clear that gas and oil.
Labor Party Chairwoman Anneliese Dodds said: “Thanks to Keir Starmer’s leadership, last year was our best fundraising year in history. Labor is committed to delivering the change Britain deserves, and we are backing away from 14 years of Conservatives. They will reflect on the failures of the party.”
Last year, the government increased the cap on election spending from £19m to £34m in preparation for this year’s polls. Labor sources said the party would continue fundraising to meet the cap.
In 2021, the first full year of Mr Starmer’s leadership, the party raised just £1.5 million in private donations. The following year it rose to £5.9m.
All parties will receive a total of £93.8m in 2023, almost double the £52m raised the previous year.
Louise Edwards, Director of Regulatory and Digital Transformation at the Electoral Commission, said: “With a general election just around the corner, it is not unusual to see a spike in donations as political parties begin campaigning.” .
“There is no limit to the amount of money each political party can raise, but spending limits are put in place before elections to ensure a level playing field.”