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Tory Coffers Benefit From Donors Fear Of Mansion Tax

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http://www.independent.co.uk/news/uk/politics/party-funding-tory-coffers-benefit-from-fear-of-labour-mansion-tax-9716614.html

High-end property developers, whose profits could be hit by a mansion tax, are bankrolling the Conservative Party to the tune of almost a million pounds, an investigation by The Independent on Sunday has found.

Electoral records show that in the past two years, property companies have begun donating to the Conservatives for the first time – contributing just under £800,000 to party coffers.

This is on top of a number of other companies and individuals connected with London's booming high-end residential property sector, who have always supported the party and some of whom have recently upped their donations.

The scale of donations underlines fears in the industry that a future Labour government or Lib/Lab coalition would impose punitive taxes on top-end property, triggering a market slump. Residential property companies and their owners now appear to be the biggest financial supporters of the Conservative Party after the financial sector, and will be crucial to helping the Tories to outspend Labour next year.

Among the new donors is Glentree International, a London property company that has sold more than £3bn of real estate to clients including Britain's richest man, Lakshmi Mittal, Saudi princes, Bernie Ecclestone and a number of Russian oligarchs. Glentree's founder and chief executive, Trevor Abrahmsohn, makes no secret of the fact that his company's donation of £12,650 to the Conservatives last year was connected to the mansion tax and he intends to give more money in the run-up to the election.

Other people in the industry felt the same way, he added. "The mansion tax should worry everyone.Already the number of transactions in the mansion tax type area is down outside the centre of London by 70 per cent and central London is flatlining. If [Labour wins and introduces a mansion tax] there will be a collapse in the property market which will start at the top and cascade down. And before you know it you will have a property market which is in recession by self-engineered means. That is the biggest own goal that any country could commit," he said.

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All political parties should be state funded with no private contributions allowed- with a hard limit on how much they get to spend.

True this will cost money but then we regularly justify killing people to defend our democracy- so presumably we would be prepared to pay this financial cost to defend it also?

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All political parties should be state funded with no private contributions allowed- with a hard limit on how much they get to spend.

True this will cost money but then we regularly justify killing people to defend our democracy- so presumably we would be prepared to pay this financial cost to defend it also?

^ This. It's crazy that in a so called "democracy" groups with vested interests can influence policies simply by buying political parties via monetary donations. This should not be allowed either by rich companies/individuals or by unions.

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^ This. It's crazy that in a so called "democracy" groups with vested interests can influence policies simply by buying political parties via monetary donations. This should not be allowed either by rich companies/individuals or by unions.

It's not a democracy it's a democorruptcy. Say it faster and you don't notice.

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Who decides who gets the dosh?

Each potential party submits a manifesto online- those that garner a level of support that passes a given threshold then qualify for funding . Like an online poll.

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Each potential party submits a manifesto online- those that garner a level of support that passes a given threshold then qualify for funding . Like an online poll.

Would work to be fair.

I agree it's a major flaw in our democracy.

The same people seem to own both our major parties now.

The Tories are undoubtedly bought and paid for, but Nu Labour really aren't far behind.

Edited by byron78

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