Labour enjoyed its highest-ever annual amount in private donations across 2023 in a major boost for Sir Keir Starmer as the UK gears up for a general election.
Labour accepted nearly £13m in individual donations, surpassing the £5.8m it received from trade unions, historically the party’s biggest donors.
Individual donors include Autoglass boss Gary Lubner, who gave £4.5m, while the largest single donation of £3m was provided by Lord David Sainsbury, a long-standing party supporter.
In total, Labour amassed just over £31m in overall donations in 2023, a significant increase from the £21.4m the party accepted in 2022.
The second highest annual sum for private donations to the party was £10.8 million in 2005.
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However, despite their trouble in the polls, the Conservatives outstripped Labour in political donations last year, accepting £48m in donations over the 12-month period, of which £35.8m came from individuals.
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It marks a significant increase on 2022, when the Conservatives accepted just £17.9m in donations following the turmoil that saw three different prime ministers enter Number 10.
The SNP, however, saw donations drop from £1.7m in 2022 to £1.5m in 2023.
The data came from the Electoral Commission, which regulates party and election finance, and showed that political parties registered in the UK accepted a total £93.8m in donations in 2023 – nearly double the £52m recorded for the previous year.
It comes as speculation continues to mount over the timing of the next general election following Jeremy Hunt’s budget, in which he further reduced national insurance by 2p but resisted cutting income tax – a key demand of some Conservative MPs.
Speaking to Sky News, the chancellor said the “working assumption” remained that the election would be held in the autumn.
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Labour has been pushing the government to call a general election sooner while it enjoys a 19-point lead, according to the Sky News poll tracker.
The government would need to dissolve parliament on 26 March to call an election on 2 May, the date of the local elections. The latest an election can be held is January 2025.
Labour party chair Anneliese Dodds said: “Thanks to Keir Starmer’s leadership, last year was our best fundraising year ever.
“Labour will turn the page on 14 years of Tory failure with a plan to deliver the change Britain deserves.”
Last year the Conservatives faced criticism for “sneaking out” a plan to nearly double the amount that can be spent on election campaigning in a move that was interpreted as benefiting only the governing party.
The Electoral Commission told Sky News at the time it had “not seen evidence” to support the changes, which it said give “significantly more scope” for parties that attract the largest donations to campaign.
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The new rules were pushed via a statutory instrument and mean the national election spending cap on political parties will rise by 80%, to about £35m.
Previously parties were allowed to spend up to £30,000 for every constituency they contest, equating to £19.5m nationally if they stand a candidate in every seat.
As well as increasing the election spending cap, the government also increased the threshold for when donations to political parties must be declared to the commission,- from £7,500 to £11,180.
The change came into effect from 1 January of this year.
