ARE the Con-Dem coalition cuts ideologically driven? That’s the question being asked by many trade unionists in the light of recent revelations concerning Tory Party funding.
A recent study by the Bureau of Investigative Journalism found that financiers in the City of London provided more than 50% of the funding for the Tories last year. The City accounted for £11.4m of Tory funding – 50.79% of its total haul – in 2010, a general election year. (Compare this with £2.7m, or 25% of its funding, in 2005, when David Cameron became party leader.)
The biggest City donation was from David "Spotty" Rowland, who gave more than £4m. Interestingly, he was also Tory Party treasurer for a brief period after the general election. Other top donors were hedge fund manager Stanley Fink, who gave £1.9m and George Magan gave £485,000.
Additionally, 57 donors gave more than £50,000 to the Tories last year. This level of funding would entitle them to face-to-face meetings with the Prime Minister.
If £50,000 gets a face-to-face meeting with David Cameron, what do Rowland, Fink and Magan get for their money?
Trade unionists will also be asking themselves if there’ll be any sort of reform of the banking system, when bankers control so much of the purse strings of those in power?