FEATURE Tory Party donors IF THE PRIC


Super-rich Tory donors are keeping the cash flowing


Tens of millions of pounds are pouring into Tory election coffers as its super- rich backers try to buy the general election in May. They have flashed the cash with millions in donations and put up items for auctions at the Tories now infamous winter fundraising ball held in a pricey Mayfair Hotel.


The fund-raiser turned into an


embarrassment, as it followed hot on the heels of allegations that the Swiss arm of HSBC bank was involved in tax dodging. It is now being investigated for money laundering by Swiss authorities.


The issue took a political twist amid questions about what the Tories knew before they appointed the bank’s former boss, Stephen, now Lord Green as a trade minister. By the time of his appointment – and despite Tory denials – they were aware of the evidence against HSBC.


Some of the names which cropped up amid the HSBC tax avoiding claims have


supporters, grandees and donors.


The HSBC issue erupted in Parliament when Ed Miliband described Tory donor Lord Stanley Fink as a tax avoider. Fink immediately threatened to sue. The next day he admitted he did avoid tax.


The whole issue gives a taste of the type of lifestyle and wealth the big Tory backers and supporters have. These are multi-millionaire and billionaire hedge


involved prominent Tory


fund bosses, bankers, financiers, property barons and some industrialists.


A few hundred of the super-rich are now effectively funding the Tories. Labour party research found nearly half of all donations to the Tory Party came from City backers who donated more than £19m to the Tories.


A Financial Times report found that just eight wealthy people in the City were responsible for donating £12.2m to the party. And that was only up to last year.


Chancellor Osborne insists no one buys Tory policy. But why only buy a policy when you can buy the whole party?


Ed Miliband has tied the donations to tax breaks for the wealthy as a whole – and tax breaks to hedge funds in particular. The very wealthy hedge funds have had £147m in tax breaks at a time of major austerity.


With billions in tax being avoided by complex and expensive tax planning by the wealthy, Labour wants to clamp down on tax dodgers using offshore tax havens. The Tories don’t.


Labour wants to clamp down on tax avoidance, where large companies ship profit made in Britain to countries where they will be taxed less. The result is less tax revenue to pay for public services.


Miliband made the Tory reluctance crystal clear when he told the Commons, “This is a PM who won’t tackle tax avoidance for the simple reason that too many of his friends would get caught in the net. They’re the party of Mayfair hedge funds and Monaco tax avoiders.”


He accused the Tories of serving “hedge funds, tax avoiders, and bankers getting big bonuses while millions face jobs on zero hours, with low pay.”


Ed Miliband is right to raise these questions. Not surprisingly elements in


24 uniteWORKS Spring 2015


the press have recently tried to attack Labour for receiving donations from trade unions including Unite. The situations are worlds apart. Unlike Tory cash, union donations are transparent, clean and from millions of workers.


Back at the fundraising auction, and there’s one item which tells you everything you need to know about the Tories. They sold off a David Cameron signed copy of the 2015 general election manifesto. When it’s printed it is unlikely to contain much that will worry the party’s super-rich backers.


But the fact they are throwing so much money to help the Tories win the election hints at how worried they are. On polling day they only have one vote like everyone else.


On that day their wealth and privilege counts as nothing. That’s why their money keeps flowing.


What your cash can buy


• £50k – Leaders Group members can ‘dine with Dave’ and other top Tories at events including post PMQ lunches, election results events and big campaign launches


• £25k – Treasurers Group members get to meet ‘senior figures’ at important dining and event opportunities


• £10k – Renaissance Forum – closest supporters enjoy dinners and debate with ‘eminent’ speakers


• £5k – Front Bench Club – gets you lunches and dinners with Tory MPs


• £2.5k– Business and Entrepreneurs Group – more or less the same as above


• £2k – Team 2000 – hear policies first hand from Cameron et al at dinners and receptions


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