KEIR Starmer’s Labour Party have come under fire after accepting a multi-million-pound donation from an offshore hedge fund with investments in weapons firms and private healthcare.
OpenDemocracy reported that the Cayman Islands-registered Quadrature Capital had made the sixth largest political donation in British history to Starmer’s party just after the General Election was announced.
The website said that the timing was “notable” as the £4 million donation was made before the “pre-poll reporting period” which sees all donations over £11,180 published weekly, rather than quarterly.
The tax haven-registered firm claimed in a statement on its website that the donation was not “political”.
“Having analysed commitments set out by each party, we donated £4m to The Labour Party, in support of policies that will deliver climate action while also promoting social equity and economic resilience,” it said.
“This was a values-based donation, not a political donation, as Quadrature Capital Ltd remains non-partisan and apolitical.
“Going forward, our private giving will continue to be led by our values, and any further donations to political parties will depend on the parties’ commitments, track record and alignment with our mission for sustainable and equitable growth.”
The SNP have hit out at Labour, with the party writing on social media: “Labour accepted a donation from a Cayman Islands-registered hedge fund with shares worth hundreds of millions of pounds in fossil fuels, private health firms, and arms manufacturers.
“At the same time, Labour are cutting vital support for the most vulnerable. Whose side are Labour on? Working people or their hedge-fund bankrollers?”
🚨 Labour accepted a donation from a Cayman Islands-registered hedge fund with shares worth hundreds of millions of pounds in fossil fuels, private health firms, and arms manufacturers. 👉 At the same time, Labour are cutting vital support for the most vulnerable. 📢 Whose side… pic.twitter.com/CgMVjpr4Lq
— The SNP (@theSNP) September 19, 2024
In a comment shared by Transport Secretary Fiona Hyslop, SNP councillor Pauline Stafford added: “Now we know how Labour could afford to bombard Scotland with all those false 'change' ads in the run up to the election.”
The news comes amid concerns about Starmer’s propensity to accept gifts from wealthy donors, for both himself and his wife.
ITV reported on Wednesday that the Prime Minister had been given the use of a corporate box by Arsenal football club, which is advertised as costing “from £8750” per game.
The Guardian calculated that Starmer has already accepted more than £100,000 worth of gifts in tickets to games or concerts and clothes.
That paper said the Prime Minister had accepted “more free tickets and gifts than other major party leaders in recent times”.
Foreign Secretary David Lammy has insisted that it is right for Starmer to accept gifts of clothes because he needs to look his best for the UK.
And Starmer has argued that preventing him from getting free things – such as tickets to watch Arsenal – would be “pushing it a bit far”.
