Labour holds No 10 drinks party for donors amid growing calls for donations cap
Summary
Labour held a drinks event at No 10 Downing Street for major donors as pressure grows to limit political donations. The party is responding to large donations received by the Reform UK party from two crypto-billionaires by increasing fundraising efforts from its members.Key Facts
- Labour hosted major donors, including business leaders, at No 10 for a drinks reception on a Tuesday evening.
- The event was organized before news of Reform UK receiving £72 million from two crypto-billionaires over 48 hours.
- Labour’s chair sent fundraising emails encouraging members to help compete with Reform's large donations.
- Trade union leaders called for action on big political donations but did not fully support a cap on donations.
- The Trades Union Congress (TUC) said union donations are “the cleanest money in politics.”
- Since 2020, Labour has received nearly £43 million from affiliated trade unions.
- Labour has lost more than a fifth of its membership in the past year but membership may be rising again.
- Labour’s income from donations has dropped 84% since the election year, and the party reported a £2.6 million deficit last year.
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