Tory donors dwarf cash raised by Labour as rumours mount of new centre-left party

Labour raised only half the £5.5m generated in donations by the Tories, in the first three months of the year, as speculation increased that some wealthy individuals opposed to Jeremy Corbyn could fund a new centre-left party.

Trade unions helped Labour to raise £2.65m in the first quarter but this was dwarfed by the £5.46m generated by the Tories.

Labour clawed its back close to parity with the governing party, however, once a top-up from public funds was included. It received £2.05m in what is known as “Short money”, the state funding which is allocated to opposition parties in Britain.

Filings published today by the Electoral Commission show Labour amassed a war chest of £4.7m.

In total the Tories accumulated nearly £5.5m, mainly from business men and women, and also after receiving a relatively modest payment from the public purse in Scotland, where they are the largest party in opposition to the governing SNP.

The update came as it was reported that wealthy past Labour donors would fund a new political party if the leadership was still controlled by Corbyn or a left-wing ally after the general election.

Labour is on course to lose the vote on June 8, if the polls are correct, but has closed the gap on the Tories in a series of surveys over the last week.

Now three donors have told The Times they would consider funding a new party and the newspaper named Sir David Garrard, a property developer, and Peter Coates, the owner of Stoke City football club, as among them.

The full update from the Electoral Commission for January to March 2017 was as follows

Conservatives

Donations excluding public funds: £5,463,173

Public funds: £57,529

Total: £5,520,702

Labour

Donations excluding public funds: £2,648,315

Public funds: £2,053,501

Total: £4,701,816

Lib Dems

Donations excluding public funds: £603,155

Public funds: £250,237

Total: £853,392