The Conservatives are reportedly struggling to find cash as Labour’s fundraising efforts are significantly more lucrative, giving them a huge boost in the election.
Tory Party Finances
The Conservative Party is rumoured to be short on finances heading into the general election on July 4.
Labour’s Financial Advantage
With Labour looking likely to inflict a landslide defeat on the Prime Minister’s Tory Party, they also have a significant financial advantage.
Tory Donor Dropouts
Many Tory donors, previously loyal to the Conservatives, have dropped out from support this year, with some even deferring to Labour.
Social Media Advertising
There are also worries that the Conservatives have been unable to match Labour’s spending on social media advertising throughout the campaign.
Financial Leverage a Factor
When all of these factors add up, one can see how crucial financial leverage is in determining the election outcome.
Tories’ Woes Fundraising
Reports show that the Tories have raised only £889,000 throughout this year’s campaign, which is nothing compared to Labour.
Labour’s Total Engulfs the Tories
Labour’s total donations for the election campaign exceed £5.5 million, giving them a major advantage to spend on advertising.
Labour’s Major Election Boost
Labour’s main donor, Lord David Sainsbury, founder of Sainsbury’s, gave a whopping £2.5 million donation to the Party in the first fortnight of the election.
Tory Donor Switches to Labour
Just weeks after the election date was announced for July 4, a major Tory donor insisted he would vote for Labour this year after half a century of Tory support.
Caudwell Back Labour
The founder of Phones4U, John Caudwell, claimed he would no longer support the Conservative Party after 51 years of consistent support.
Comparing Sunak With Boris
In 2019, Caudwell donated half a million pounds to Boris Johnson’s Conservative campaign, which managed a huge total compared to Sunak’s current campaign.
Averting Disaster
“Only five years ago, I donated half a million to the Conservatives to help avert the disaster that would have been Jeremy Corbyn in Downing Street,” Caudwell said.
Sunak’s Financial Record
However, Caudwell cited ex-Chancellor and current Prime Minister Rishi Sunak’s response to the pandemic as his main reason for opting out this year.
Lowering Ethical Standards
Caudwell claimed that “Rishi’s mismanagement of the economy during Covid,” and Boris Johnson’s “lowering of ethical standards” steered him away from a Tory vote this time.
Boris’ Impressive Total
Boris’ total fundraising in 2019 reached a staggering £8.7 million, compared to Sunak, who has yet to reach one million pounds.
Reform UK’s Boost
Other Parties are even catching up with the Conservatives’ fundraising efforts, with Reform UK given a boost from a company controlled by its former leader.
Reform Catching Up
Former Reform leader Richard Tice’s company donated £500,000. The Party’s total is almost reaching Tory numbers at £882,000.
Farage Expected to Grow Numbers
Reform’s numbers are expected to rise after Nigel Farage announced he would be taking over as leader of the Party, but that’s not the only boost they received.
Reform’s Rise in Polls
Reform UK also received a boost in the polls after Farage’s return to frontline politics, overtaking the Conservatives by one percentage point.
Lack of Confidence in Sunak
The Tory’s lack of ability to spend shows Sunak’s lack of support from major donors of the past, while Labour outspends them on social media advertising.
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