In most other European nations, political parties and campaigns are largely financed by the state. In the UK, parties are largely funded by millionaires, corporations and trade unions, all with vested interests. Politicians insist that donors have no influence on policy, but consciously or unconsciously, policies follow the money.
During the five years before the last (2015) election, 41% of private donations to political parties came from just 76 people.
Before the 2015 election, 27 of the 59 richest hedge fund managers sponsored the Conservatives. The Chancellor then gave special exemption from stamp duty on stock market transactions by hedge funds, depriving the public sector of around £145m per year.
One of the many reasons for the post-referendum Labour crisis is the desertion of its large private donors. 'Jeremy Corbyn is not remotely interested in whether such people are supporting the party or not'.
George Monbiot proposed:
- Each party to charge same fee for membership (a modest amount -perhaps £20).
- The state to match this money at a fixed ratio.
- No other funding allowed.
- Referendums: the state to provide an equal amount to each side.
Source: George Monbiot (http://www.monbiot.com/2016/07/14/soul-traders/)
