Two tests await Ed Miliband, Labour leader, and his party: polls across the country, and a referendum on the alternative voting system for which he is a principal campaigner. George Parker, political editor, talks to the leader of the UK opposition about the upcoming ballots, his call for a cultural change in the City o f London, and the coalition government’s deficit reduction strategy. Read more
One Tory MP buttonholed me this morning to ask why the FT this morning carried a story about the donations from the Square Mile to his party. (Donations from financiers and City firms now account for more than half the £22.5m the Conservatives attracted last year.)
“You should hardly be surprised by now that your readers support our party,” he observed.
Up to a point, Lord Copper. Yes, the City has always backed the Tories (with a temporary swing away during the peak of New Labour) while the unions are the cornerstone of Labour.
Plus the proportion of City money going to the Tories has actually fallen from 52 per cent in 2009 to 51 per cent last year, if you look closely at the figures in the report by the Bureau of Investigative Journalism.
But the underlying trend is still worth reporting (it’s also the splash in the Guardian) as it shows a medium-term rise in the proportion of funding from city sources – up from just 25 per cent in 2005. Read more