Thursday, October 06, 2011

Over half of UK ruling party funds come from finance

Supporting our analysis that the UK is arguably the world's most important and influential player in the world of secrecy jurisdictions (or tax havens,) we report this, from the Bureau for Investigative Journalism:
The Bureau’s investigation, on the eve of the Tories annual conference in Manchester, shows the proportion of donations to the Conservatives from the entire financial services sector has now reached 51.4% – up 0.6% from last year.
. . .
Our trawl of 450 separate donations given to Conservative Central Office by individuals, companies and limited liability partnerships reveals that 27%, or £3.3m, of the £12.18m donated to the party came from hedge funds, financiers and private equity firms.
(This news is a few days old now, and it's already been in the UK papers, but no less important for that.) Read our article "What is a Secrecy Jurisdiction" which contains this:
"We have also found that such places typically suffer a very high degree of political dominance – even political capture – by banks, accountants, lawyers and other private intermediaries."
The cap clearly fits in the case of the UK. After reading our two-pager, take a look at our a more detailed account of what a secrecy jurisdiction is, here.

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