Starmer’s pro-business stance pays dividends as funding rises

THE Labour Party raised more than £2million from individual donors last year, fuelled by Tory switchers, as Sir Keir Starmer’s pro-business drive shows signs of cutting through.

The amount is on course to be the highest pot from individual donors the party has accumulated since 2015, with gifts in the past three months of 2022 still to be declared.

It means under Sir Keir the party raised more from individuals than in either the election years of 2017 and 2019, when Jeremy Corbyn was leader.

Fundraising tends to be higher in the run-up to elections.

Analysis of Electoral Commission declarations also shows a similar rise in donations to Labour from companies, sometimes used by businessmen to make their contributions.

The trend follows a concerted effort by Sir Keir to project a more pro-business message since he succeeded Mr Corbyn, who was on the party’s socialist wing, as Labour leader in April 2020. Sir Keir and Rachel Reeves, his shadow chancellor, will attend the World Economic Forum in Davos, Switzerland, tomorrow – the latest step in their reassurance strategy. Joining an event synonymous with the global economic elite – or, as critics would have it, the excesses of the free market – reflects how far the party has changed under Sir Keir.

Rishi Sunak, the Prime Minister, who is attempting to shake off his “richest MP” tag, will not be attending. Boris Johnson also banned ministers from going after he entered No10 in 2019.

“Global business is taking the Labour Party seriously as a government in waiting,” a Labour source said of the trip – an insight into the conclusion Sir Keir’s team hope that voters will take away from this week.