Boris Johnson may have ripped apart the soul and credibility of the Conservative Party but at least he is leaving what it seems to care about most – its wallet – in fair shape.
Johnson resisted calls to sack his fellow Old Etonian Ben Elliot as Tory co-chair when the extent of Russian donations – and Elliot’s own business dealing with Russians – became clear after the invasion of Ukraine. Lubov Chernukhin, the wife of Vladimir Putin’s former finance minister, and Aquind, a company co-owned by the billionaire Viktor Fedotov, were among the most generous party donors.
Elliot’s willingness not to be too picky when it comes to accepting money has been great for the Tory Party’s cash pile. Updated accounts at the Electoral Commission show £31.7m in income for the party in 2021 – £7.7m more than it raised in 2020. Donations totalled £20.5m, up on 2020’s £17.3m; while conferences once more became a money-spinner – the party netting £4.5m, £4m up on 2020.
Membership fees held steady at just under £2m, while businessmen on the party’s board of directors once more put lucrative work the party’s way. There were almost £900,000 worth of transactions with Malik Kalim, £100,000 worth of business with Lord Michael Spencer, £50,000 with Lord Stanley Fink and £60,000 worth of business with Christopher Moran, the foursome contributing an impressive £1.1m between them.
Labour may be leading the Tories in the polls, but financially it’s not in a great state to fight a general election. Their latest accounts show the party made a £5m loss in 2021, even though there was a £4.3m increase in donations.
Wary of a snap election if Liz Truss gets a honeymoon poll bounce, Keir Starmer is centralising the party’s fundraising campaign as Labour look to build up a fighting fund for social media, print and outdoor advertising during the campaign.
