The FT has a big analysis piece today on how hedge funds became some of the Tories’ biggest donors. The graphic below displays how important the industry has become for filling the party coffers, and how quickly that has happened. If you want to analyse the full graphic, along with details of who the donors are, follow this link (behind the paywall).
A couple of interesting points to note from the analysis too:
- Even though it was Labour who deregulated the City and helped hedge funds flourish, it is the Tories who have reaped the most direct benefits, at least in terms of support from the industry for their party.
- Even donors admit that Tory MPs’ desire to cut the 50p top rate of income tax is because these rich City donors are so close to the party. One told the FT: “There probably aren’t many votes in cutting the 50p top rate of tax, but among those that give significant amounts to the party, it’s a big issue, and that’s probably why it’s a big issue for the party too.”