Tory funds 'dire' as business and donors switch to rivals

Donors and businesses are turning their backs on the Tories for Labour and Nigel Farage’s Reform UK as the party enters its conference with question marks over its finances.

- DAVID MADDOX

Insiders have told The Independent that a number of red flags have been raised in preparation for the first annual conference since the historically poor general election defeat in July.

In the weeks before the conference in Birmingham, set to get underway today, it was claimed that the party was still struggling to find a sponsor for its VIP Blue Room, previously sponsored by the retail company Regent Street Group.

Sources also suggested that the level of donation required to gain access to the VIP room has significantly dropped. The party has denied a lack of interest from members and businesses, However, a number of major donors including property magnate Nick Candy have either openly or privately switched to Reform or just no longer give money.

Insiders claim that the party is giving away tickets to young activists in a bid to get people to attend the conference. The annual Business Day dinner at the conference is now going ahead but was in danger of being cancelled because of lack of interest and claims the party was trying to charge too much.

So short is the party of funds that the candidates to replace Rishi Sunak have all been asked to produce £50,000 as a precondition for being allowed into the final four to impress members this week. The final two will need to find another £150,000 of backing or be eliminated.

One senior figure in the party told The Independent: “Things are dire. One donor has been allowed into the Blue Room after giving just £3,000. Previously you would not get in there for anything less than £20,000. The party is just desperate for anyone to give money. I’m not sure it is even worth £3,000 to go in there though.”