General election 2024: Is Labour closing fundraising gap with Tories?

Labour started to close a fundraising gap with the Tories in the final three months of last year, taking £8.5 million to the Tories’ £9.8m.

It marks a contrast to the previous three-month period, in which the Tories raked in almost five times as much as Labour in private donations.

Electoral Commission data shows in late 2023, Labour’s donations excluding public funds totalled £6.5m, vs the Tories’ £9.7m.

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.”

Labour received £1m from Dale Vince’s Ecotricity company, £1m from Francesca Perrin, and £750,000 from Gary Lubner. These were the three highest individual donations in the last quarter of 2023.

Overall, the party reports that it raised over £13 million from individual donations in 2023.

However, Labour’s website currently has a pop-up donation request warning that “outspending Labour by millions will be what gets the Tories over the line and into government for another five years.”

It highlights that earlier in the year last year, between January and September, the Tories out-fundraised Labour significantly, raising £38.2m to Labour’s £22m.

In the last quarter of 2023, the Liberal Democrats raised £2.4m, and the Greens took in £165,994 in donations.

Anneliese Dodds, Labour Party Chair, 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.”

The £13m Labour received in 2023 was its best performing year ever for individual donations, and over double the amount raised the year prior. In 2021, we received £1.5 million, and in 2022 we received £5.9 million. The next closest being 2005, where we raised £10.8 million.