Labour given £10m more than Tories last year, says Electoral Commission

The Conservatives raised £45.9m, while Jeremy Corbyn’s party received £55.8m, boosted by higher membership
Labour raised nearly £10m more than the Conservatives last year in what is thought to be the largest amount ever raised over 12 months by a single political party.
Jeremy Corbyn’s party was given £55.8m in 2017, while the Conservatives managed to raise £45.9m, also their highest ever total, as both parties financed general election campaigns. However, Tory income from membership fees slumped from £1.46m to £835,000 in a year, while Labourreceived £16m from membership subscriptions, according to the data, an increase of £2m from last year.
The figures were released on Wednesday morning by the Electoral Commission, the donations watchdog, which found that 10 parties reported having gross income or total expenditure in 2017 of more than £250,000. In total, these parties reported £125,322,000 income and £122,194,000 expenditure.
Labour beat its previous highest amount of £51m, which was raised in 2015, also a general election year but one that was fought under Ed Miliband. The Tories’ second highest amount ever raised in a single year came in 2010, when donors gave £43.1m.
Labour also received £18m in donations from its members, while Tory members gave £34m, the data shows.
The figures also show that the Tories received £1.7m from legacies, twice as much as Labour.
Even Corbyn’s critics have been surprised by the way that his popularity has turned around the party’s funding model. Under Tony Blair and Gordon Brown, the party was reliant on a small number of wealthy donors.
Now the party is reliant upon smaller donations from ordinary members. Membership of Labour has soared from 200,000 in 2015 to 552,000 in January 2018, according to reports.
Liberal Democrat spending outstripped income last year, according to the Electoral Commission – the party raised £9,710,00 and spent £10,454,00. Ukip raised £1,739,000 and spent £1,939,000.
Labour’s finances have also been helped by public money known as “Short money” which is given to opposition parties. This amounted to £7.43m last year.
Spending by all political parties increased by 30% in 2017 compared with the year before, the figures show. The snap general election saw parties spend nearly £28m more than in 2016.
The Tories remain reliant upon a small number of donors. The Guardian disclosed last month that in the nine months from July 2017, the party raised £7.4m from donors paying a minimum of £50,000 to dine with Theresa May.
A Labour spokesperson said: “Unlike the Tories, who rely on a few super-rich donors to bankroll them, we’re proud to be powered by small donations from hundreds of thousands of people across the country.”