Labour's Largest-Ever Donation

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controversial political donations

openDemocracy

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Labour handed £4m from tax haven-based hedge fund

Summary

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Labour given 4 m from tax haven-based hedge fund Quadrature Capital with shares in oil and arms.

It is noteworthy not just for its size, but for its timing ahead of election.

Electoral Commission records suggest Labour received donation in the one-week window between former PM Rishi Sunak announcing the general election and the start of the pre-poll reporting period.

Quadrature Capital has a diversified share portfolio worth around $6bn , according to records filed with the US Securities and Exchange Commission ( SEC ) Last year , the firm reported that it had holdings in fossil fuel companies worth more than $170 m.

UK accounts filings for the firm show profits before tax of more than 230 m in the financial year ending 31 January 2023 , but paid corporation tax of only 5.3 m.

Fran Boait , co-executive director at Positive Money , said: “We have to question what influence the sector is getting in return” He said Labour should be looking at how to weaken the power of big finance in our democracy and economy. Right now it seems they are doing the opposite, he said.

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