The City’s contibution to the Conservative Party has more than doubled since David Cameron became its leader.
The latest research from the Bureau details for the first time the full extent of Square Mile donations given to the Tories. It reveals that the percentage of donations from companies and individuals connected to the financial services industry has now reached more than half.
Last year City money made up 50.8% of all Conservative Party donations, a leap from 25% five years previously, when Cameron and Osborne took over the helm.
The City has donated a total of £42.76m since 2005. Last year City money accounted for £11.4m, compared with £2.75m when Cameron took over.
The revelation comes as the Chancellor’s move to increase a levy on banks was criticised for being inadequate.
Dr Stuart Wilks-Heeg, a leading authority on political party funding at the University of Liverpool, said: “The findings raise issues about how influenced and impartial the Conservatives are as they set about reforming and regulating the banking industry. It is admittedly difficult to prove that because parties access money from specific sources that there is a feed through into the policies they adopt. Yet, given we have just experienced a blowout in the financial system, and are witnessing an ongoing struggle over its regulation, the scale of Conservative Party funding from the City must be an issue – not least for a party committed to ‘taking big money out of politics’.”
The Bureau used data from the Electoral Commission and Companies House to chart the ever-rising tide of money flowing from the City into the Conservative Party.
Our research also shows that 57 individuals from the financial services sector made a donation of more than £50,000 each last year.
This level of funding would entitle them to membership of the Leader’s Group. According to Conservative Party donor literature published on the party’s website members of this group are given numerous opportunities to meet “David Cameron and other senior figures from the Conservative Party at dinners, post-PMQ lunches, drinks receptions, election result events and important campaign launches”.
In the past two years, individual donations from bankers, hedge fund managers, private equity financiers and insurance executives have increased sharply reaching 58.5% (£9,150,064) of total individual contibutions.
Ten individuals alone have given more than £13m since 2005 out of a total central office funding of £101m. The top donor is David Rowland who first made his money through property investment before investing more widely.
There are six hedge fund managers among the top ten individual City donors, and two of the top ten – Stanley Fink and George Magan received peerages last year.
There is no evidence to suggest that any individual has used their influence to demand a relaxed approach to bank, hedge fund or private equity remuneration, tax or leverage limits.
Bankers and financiers who were deeply linked to the global financial crisis have also been bank-rolling the Conservative Party the figures reveal.
These include Jeremy Isaacs, the former head of Lehman Brothers in Europe and Asia, who has given £190,000.
A small group of powerful financial public relations leaders has also contributed nearly £500,000 to the Conservative Party. These include Finsbury and Pelham PR.
February 8th, 2011 at 11:08 pm (#)
The Banks ae paying the Gov’t with Tax payers money…what a hoot!
February 8th, 2011 at 11:21 pm (#)
[...] This post was mentioned on Twitter by Tweetminster, alan0606, Adam White, Iain Overton and others. Iain Overton said: Bureau exclusive: City financing of the Conservative Party doubles under Cameron. http://miniurl.org/bkA [...]
February 9th, 2011 at 9:40 am (#)
[...] research by the Bureau of Investigative Journalism reveals that donations from the Square Mile have doubled under David Cameron and now account for [...]
February 9th, 2011 at 9:57 am (#)
[...] it probably won't be especially easy for David Cameron to bat away as irrelevant the statistics published today by the independent Bureau of Investigative Journalism of the extent to which Conservative Party Central Office has become dependent on cash donations [...]
February 9th, 2011 at 10:00 am (#)
[...] Bureau of Investigative Journalism reports that more than 50% of Conservative Party donations come from the City. Not sure this is [...]
February 9th, 2011 at 10:19 am (#)
The Tory party set up the Reform think tank, which receives donations from overseash cartels (minimum £6,000). This unlimited funding is being used by the Tory party to control the reform debate in this country, funding conferences and lunches and literature to encourage the privatisation of the NHS and education. Note South African and Canadian private medical infrastructure companies donate, American private education management companies donate. No coincidence there then.
Overseas funding of political parties in Britain is illegal. This “think tank” charity loop hole should be closed as it is being used to funnel funds to the Tory party!
February 9th, 2011 at 11:14 am (#)
We need a change to the way part politics is funded in this country to take the power away from those with money to influence policy making, back to the democratic nature of society.
http://bit.ly/fGkgQf
February 9th, 2011 at 11:57 am (#)
So much for our much vaunted Democracy, this is what we would like to see imposed around the world. How can we have a truly representative state when ‘stakeholders’ have different levels of influence and access and we continue with the party system, you cannot serve two masters, one will take priority. Would you pay £50,000 to bask in the company of politicians or would you pay it to achieve influence for your agenda? Even if completely innocent the fact that this goes on makes it appear that politicians are corrupt and tarnishes even more the integrity of our elected representatives. The sad thing is that partisan individuals will think that this is isolated to one party and totally miss the point that our politicians must represent all citizens and their primary concern should be the welfare of the citizens of who put them there. I deplore violent protests bur unfortunately one is led inevitably to the conclusion, like Tunisia and Egypt that if you do not actively defend your freedom there are those who are intent on stealing it for their own ends. One positive is that this information is available to the public thank you The Bureau of Investigative Journalists this is what journalism should be.
February 9th, 2011 at 11:58 am (#)
One positive is that this information is available to the public thank you The Bureau of Investigative Journalists this is what journalism should be.
February 9th, 2011 at 12:22 pm (#)
[...] funds come from the City – double the proportion it was when David Cameron became leader. Research by The Bureau of Investigative Journalism found that £11.4 million of the Conservative [...]
February 9th, 2011 at 2:16 pm (#)
[...] belief that anyone could claim that donors to the Conservative Party are influencing policy.” BUREAU OF INVESTIGATIVE JOURNALISM | BBC | INDEPENDENT | BBC [...]
February 9th, 2011 at 3:11 pm (#)
[...] it probably won’t be especially easy for David Cameron to bat away as irrelevant the statistics published today by the independent Bureau of Investigative Journalism of the extent to which Conservative Party Central Office has become dependent on cash donations [...]
February 9th, 2011 at 6:42 pm (#)
[...] a comment » Seems Ol’blighty needs a bit of reform to their party funding laws. A study by the Bureau for Investigative Journalism has found that the City accounted for £11.4m of Tory funding – 50.79% of its total haul – in [...]
February 10th, 2011 at 1:27 am (#)
[...] City financing of Conservative party doubles under Cameron. (The Bureau of Investigative Journalism) [...]
February 10th, 2011 at 1:24 pm (#)
[...] too. Since coming to power, donations from the City to the Conservative Party have soared. As the Bureau of Investigative Journalism revealed yesterday, the financial sector accounts for half of all Tory funding, donations rising [...]
February 10th, 2011 at 4:06 pm (#)
[...] publication of research by the Bureau of Investigative Journalism (BIJ) yesterday, revealing that more than 50 per cent of [...]
February 10th, 2011 at 9:05 pm (#)
[...] City financing of the Conservative Party doubles under Cameron :: The Bureau of Investigative Journa… Last year City money made up 50.8% of all Conservative Party donations, a leap from 25% five years previously, when Cameron and Osborne took over the helm. [...]
February 12th, 2011 at 3:04 pm (#)
[...] latest figures released by the BIJ show that last year money donated to the Conservative Party by companies and [...]
February 12th, 2011 at 9:28 pm (#)
We just hope the BIJ be publishing the Union donations to the Labor Party and how the Unions influence the Labor Party in bring this country to its knees or do the unions also have influence and control over the BIJ as they did in the coal miners strike of the 80s, also when will we see the Union and labor bosses take a pay cut.
March 10th, 2011 at 5:57 pm (#)
This is the Deutsche Bank employee’s reaction to demonstration against cuts to public services in London, as captured in a powerful picture: http://sturdyblog.wordpress.com/
April 4th, 2011 at 9:14 pm (#)
[...] by a small group of rich individuals who are using the consequences of the recklessness of their backers to launch an ideological assault on the most vulnerable in society. We will not be intimidated, [...]
June 26th, 2011 at 12:40 pm (#)
[...] whizz past heads in bland City function rooms, Prosecco spills on Gilbert’s tailored-suit, and with their profits continue funding their lapping-dogs in the Conservative Party who make these kinds of policy [...]