LABOUR have seen an increase in funding despite a 25k member loss while the Conservatives lost £2.4 million in donations, according to the 2022 party accounts.
Accounts published by the Electoral Commission on Thursday show UK political parties have felt the impact of the cost of living on the public, with the SNP stating it as the reason most of its members are cancelling or reducing membership payments.
However, Labour recorded a £2.7m surplus last year, even as membership figures fell by almost 25,000 people.
Labour had 407,445 members at the end of 2022, down from 432,213 a year before.
The latest figures mean the party has lost almost 25,000 members since its recent peak at the end of 2019.
Labour still achieved some of their highest income levels outside an election year, raising £47.2m and returning to surplus after losing £5.2m in 2021.
In contrast, the Conservative Party lost £2.3m in 2022 during what the party described as a “turbulent year”.
Accounts published show the Conservatives received £30.6m in income but spent £32.7m over the course of 2022, with income from donors falling by £2.4m compared with 2021.
A report from the party treasurer said this was partly due to “donor pledges moving into 2023”.
The Conservatives do not publish membership figures, but income from membership fees fell slightly from £1.99m in 2021 to £1.97m in 2022.
