Really? You've not met many Labour MPs. Why would private healthcare, city financiers, £4m from a single Cayman Islands hedgefund, be interested in donating to a party which claims to represent the interests of working people?
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Labour given £4m from tax haven-based hedge fund with shares in oil and arms
Quadrature’s donation is noteworthy not just for being Labour’s largest-ever, but for its timing ahead of election
Ethan Shone
18 September 2024, 2.02pm
Hedge fund Quadrature Capital has given £4m to Keir Starmer's Labour – the largest donation in the party's history
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Jack Taylor - WPA Pool / Getty Images
The Labour Party’s largest-ever donation came from a Cayman Islands-registered hedge fund with shares worth hundreds of millions of pounds in fossil fuels, private health firms, arms manufacturers and asset managers.
While the £4m donation by Quadrature Capital is the sixth-largest in British political history, it is noteworthy not just for its size, but also its timing.
Paul Holden, an investigative journalist and author of The Fraud, a forthcoming book on Starmer’s leadership, told openDemocracy that the donation’s timing fits the Starmer project’s pattern of delaying the disclosure of potentially sensitive or controversial political donations.
Holden said: “Sir Keir Starmer and the organisations close to him have an unfortunate history of reporting donations in controversial ways.
“During his bid to become leader of the Labour Party, Starmer refused to contemporaneously publish details of who had donated to his leadership campaign. His rivals, Rebecca Long-Bailey and Lisa Nandy, agreed to share details of their donors in real-time, which they published. Starmer, however, decided only to declare his donations via his MP's register of interests, which created a significant lag between when Starmer accepted his donations and when they were made public.
“Labour members, as a result, had no idea at the time of voting that Starmer had been funded with large donations from the likes of wealthy millionaires like Martin Taylor and Sir Trevor Chinn and Baron Waheed Ali; the latter now at the centre of the furore about Starmer's acceptance of gratuities.”
Labour are a safety valve for when people want change, the minute there's any prospect of real change the establishment comes together to stamp it out.