Labour’s hedge fund donor: Those who “earn a lot should contribute more”

Labour have come under fire after it was revealed that one of their major donors is a hedge fund manager. The Independent have revealed that the Martin Taylor who has donated £600,000 to Labour over the past three years is the same Martin Taylor who manages a hedge fund for the company Nevsky Capital LLP.

Taylor’s name had been published – all people who make donations to political parties of over £7,500 are legally required to be named – but it had never been confirmed who specifically he was. Labour are now being accused of hypocrisy over the matter, as Miliband only last month accused the Conservatives of being “the party of Mayfair hedge funds”.

However, most of the Labour leaders attacks over Tory links to hedge funds appear to have been their willingness to work with companies with overseas bank accounts – used to minimise the amount of tax paid in the UK.

Martin Taylor has now written for The Independent, confirming his donations and saying he is “proud to support the Labour Party.”

In the piece, Taylor attacks the Tories for cutting public spending in a way that has hurt those on low incomes the hardest, while reducing the top rate of tax for high earners. He writes that “everyone should contribute to society and that those who are lucky enough to earn a lot should contribute more than others”. He also supports Labour proposals to abolish the Bedroom tax and implement a new Mansion Tax.

He writes:

“I believe very strongly that everyone should contribute to society and that those who are lucky enough to earn a lot should contribute more than others. This principle has become particularly important since the global financial crisis in 2008 threw Western economies into recession, reduced living standards and sparked a wave of cutbacks in government spending; cutbacks that have hit those with the least hardest. When times were good governments endeavoured to reduce taxes for everyone and also increase spending on health, education and the elderly.

But now in harder times the current government has cut taxes for the richest by reducing the top rate of income tax from 50% to 45% while cutting spending elsewhere to fund it. This means damaging the most vulnerable in society – such as the disabled for instance, who have disproportionately suffered at the hands of the ‘bedroom tax’ – to directly benefit the better off. I believe this is not fair. Labour’s commitment to both reverse this tax cut for the wealthiest and abolish the bedroom tax will right this wrong.”

Taylor praises the NHS, reveals that his dad was a Labour councillor in Lewisham for 30 years – and to avoid any future questions, confirms he “has always been UK domiciled and fully pay UK tax on all of my income”.