Socialist Worker

How the richest bosses in Britain bankroll the Tories

Issue No. 2308

Know your enemy

Know your enemy

A quarter of the richest people in Britain are Tory party donors—and they have handed Cameron and co a massive £83 million.

A new study of the Rich List has found that of Britain’s 1,000 richest people, 248 have made a donation to the party. And those are just the ones that can be proved.

The Tories’ biggest donor is billionaire Lord “Cashcroft” Ashcroft, who pours money into Tory “swing seats” between elections. He has handed the party £6.1 million.

Ashcroft saved an estimated £100 million in tax by living in the tax haven of Belize and only coming to Britain for parts of the year as a “non-dom”.

Coming a close second is oil baron Sir Paul Getty who gave the party £5 million in a lump sum before his death. Luckily for Getty, this meant there was no inheritance tax on the sum.

Then there’s Michael Spencer, who handed the party £4.9 million. He is the chief executive of City firm Icap and was the Tory party’s treasurer during the 2010 election campaign.

JCB tycoon Sir Anthony Bamford has dug deep to fork out over £4.8 million.

David Cameron personally nominated him for a peerage in 2010—but even the House of Lords turned him down, because of “concerns” about his taxes.

Bamford also collects Ferraris.

The figures, collected by the GMB union, are drawn from the official registry of party donors over the last decade.

The sickest thing of all? The Tories’ cut in the top rate of tax from 50 percent to 45 percent will have handed them all their money back in one fell swoop—with interest.

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The Troublemaker
Tue 19 Jun 2012, 16:56 BST
Issue No. 2308
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