LABOUR have recorded their highest-ever amount of private donations after a major fat cat charm offensive.
While the party continued to receive funding from trade unions, the main lift came from individuals and companies – who gave more than £13 million in total, figures from the Electoral Commission show.
The biggest backer overall was former Autoglass boss Gary Lubner, who gave £4.5m, while the largest single donation of £3m was provided by Lord David Sainsbury, the long-standing Labour supporter.
Lord Sainsbury was a major donor when the party was last in power, serving as a minister in Tony Blair’s government.
He later cut off his support to the party as it shifted to the left under Jeremy Corbyn’s leadership, but returned to the fold in 2022.
Keir Starmer and Rachel Reeves have spent months schmoozing with major players in the City of London and deep-pocketed businesspeople across the country ahead of this year’s General Election.
They have held a business conference with almost 400 senior business leaders and executives and a number of one-on-one meetings.
Labour Party chairwoman Anneliese Dodds (above) said: “Thanks to Keir Starmer’s leadership, last year was our best fundraising year ever.”
Meanwhile the SNP received £69,673 in private donations in quarter four, up from zero the previous quarter.
READ MORE: 'Pro-business' Labour pledge not to increase corporation tax
The party is also in receipt of public funds, taking its overall income for the most recent period to £387,184.
The second highest annual sum for private donations to Labour was £10.8m in 2005.
The rise in individual donations comes as Labour holds a sustained double-digit lead over the Tories in opinion polls ahead of an election expected later this year.
But the Conservatives also had a successful fundraising year, including a £10m bequest from the late Lord John Sainsbury (above) – the cousin of Lord David Sainsbury and former boss of the family’s supermarket company.
Figures published by the Electoral Commission showed around £41m in private cash donations flowed into the coffers of the central party after a challenging previous year.
The Conservatives had recorded an overall loss in 2022 amid a year of political turmoil which saw three different prime ministers enter Number 10.
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