Labour builds £47million war chest while Tory donations dip as election looms
Labour banked more than £47 million in donations and other funding last year as the Tories saw their financial support dip during a "turbulent" year.
Accounts published today show Keir Starmer's party boosted its coffers in 2022, leaving it with a £2.7 million surplus. In 2021, Labour ran a deficit of £5.2million after shedding over 91,000 members, redundancy payments and legal battles with former staff members.
The latest figures show Labour lost nearly 25,000 fee paying activists in 2022, with 407,445 members listed in December, down from 432,213 in 2021. Income from fee paying activists dipped from £16.1million in 2021 to £15.9million last year. Left-wing activist network Momentum said it was "saddening and worrying" that the party membership had declined for the third year.
The party treasurer's report said it had grappled with "a number of known challenges" and said preparations for a possible snap election during last year's political chaos had been costly. It said: "Continuously being in a state of election-readiness can be demanding on the party’s resources and staff, however the party remains ready to fight a General Election to deliver a Labour government at any time."
With a general election looming next year, the outlook was gloomier for the Conservative Party, which lost £2.3 million in 2022. Accounts published by the Electoral Commission show the Tories received £30.6 million in income but spent £32.7 million over 2022, with income from donors falling by £2.4 million compared with 2021.
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A report from the party treasurer said it had been a "turbulent" year, which saw Boris Johnson and 49-day Prime Minister Liz Truss ousted from Downing Street before Rishi Sunak took over in October. The report said the figures were partly due to "donor pledges moving into 2023".
The Conservatives refuse to publish their membership figures, but accounts suggest the number of fee-paying activists may have dipped. Income from membership fees fell from £1.99 million in 2021 to £1.97 million in 2022. The party was believed to have around 172,000 members last year. The Tories decided to hike their membership fees in December from £25 to £39 - a 59% rise - after a dip in donations. Existing members will see their fees frozen in 2023.
The Liberal Democrats recorded a deficit of £753,789 in 2022, including a £185,839 loss incurred after they cancelled their annual conference following the death of the Queen. It reported a slight increase in membership from 94,706 to 97,493.
The SNP recorded a deficit of £804,000 during 2022, which it said was not "out of keeping with other years in which nationwide elections were fought". Accounts show a significant decline in membership since the end of 2021, falling from 103,884 to 82,598 in December. The number had fallen even further by the end of June 2023, reaching 73,936.
The next election must be held by January 2025 but the exact date is in Rishi Sunak's hands. It is widely expected to be held in the autumn but there has been some speculation that the PM could go sooner and call it in the Spring.
A Labour spokeswoman said: “Thanks to Keir Starmer’s leadership, the Labour Party saw significant financial growth throughout 2022, and our finances have gone from strength to strength this year as we set out our five missions to transform Britain. The Labour Party is a changed party that is serious about getting into government and building a better Britain.”
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