Sunday 18 August 2019 / 7:48 AM Jeremy Corbyn

Jeremy Corbyn says Labour will stop Johnson’s dodgy donors from “corrupting democracy”

Labour’s Leader Jeremy Corbyn has pledged to “drive big money out of our democracy,” as Labour research reveals the scale of Boris Johnson’s “capture” by hedge funds and bankers.

Speaking in Bolton last night, Jeremy Corbyn announced a new policy to ban donations or loans to political parties from non-doms and “people who are not registered for tax in the UK, so are not contributing to our public services and infrastructure”.

Corbyn declared that “politics should work for the millions, not the millionaires” as Labour reveals new research that Boris Johnson has received almost £1 million from hedge funds and bankers.

  • Electoral Commission data and entries in the Register of Members’ Interests show that Boris Johnson has made £953,056.47 from hedge funds and bankers in donations and income.
  • Contributions to Johnson or the Conservative Associations in his parliamentary seats of Henley and Uxbridge make up £720,000 with speeches to banks in Europe and America the other £233,056 of the total.
  • Notable donations include:
    • In June 2019, Johnson received £100,000 from Jonathan Moynihan, the chair of a venture capital firm. As well as being a long-time Tory donor, Moynihan gave more than £100,000 to Vote Leave.
    • In November 2018 Johnson was flown to New York and paid £94,507.85 for a two-hour speech at Golden Tree Asset Management, a $25bn US hedge fund.
    • Either from direct donations or contributions to Uxbridge Conservative Association, Johnson has taken £88,000 from hedge fund boss Johan Christofferson.
    • In June 2019, Johnson accepted £10,000 from hedge fund manager Robin (Crispin) Odey, who is short selling sterling in expectation of a slide in the value of the pound in the event of Boris Johnson’s no-deal Brexit.

Jeremy Corbyn MP, Leader of the Labour Party, said:

People are right to feel that politics doesn’t work for them. It doesn’t. Boris Johnson and the Conservative Party are captured by big donors, who are corrupting democracy.

If you have the money you can get access to ministers. Look at the fracking industry. But if you wish to protest against the frackers because it will damage the environment, you can’t get a hearing.

We have to stop the influx of big money into politics. Politics should work for the millions, not the millionaires.

Labour is the party of the many, not the few and we do things very differently. We are funded by workers through their trade unions and small donations, averaging just £22 in the last general election. That’s why we will be able to drive big money out of our democracy.

So today, I’m announcing that we will ban donations or loans to political parties from people who are not registered for tax in the UK, so are not contributing to our public services and infrastructure. Our Shadow Minister for the Cabinet Office, Jon Trickett, has been working on a comprehensive plan to stop big money buying up our democracy and to empower people and communities and will outline further plans in the autumn.