Will Labour finally outspend the Conservatives at the next election?

Figures from the Electoral Commission show Keir Starmer’s party raising 50 per cent more than the Tories but, asks John Rentoul, is it enough to fund an election campaign?

Keir Starmer at a Labour campaign event in Swindon (PA Wire)

Labour raised £47m last year, according to figures published by the Electoral Commission this week – significantly more than the £31m raised by the Conservatives, who were distracted by two changes of leader during the year.

Even more satisfying for David Evans, Labour’s general secretary, is that the party’s revenue exceeded its outgoings by £2m (“result happiness,” as Micawber put it), while the Tories managed to spend £2m more than they took in (“result misery”).

Labour managed to raise record sums despite falling membership numbers. The party’s accounts recorded 407,000 members at the end of last year, down 25,000 on the year before and down 125,000 from the peak of 532,000 in 2019. High-value donations have more than made up for the gentle decline from the heady days of Jeremy Corbyn’s mass membership – then, the party found itself with more money than it expected, but now it is even more flush with cash.