A spotlight has been thrown on the Conservative Party’s close links with the hedge fund industry, as new research showed that around half of the wealthiest fund managers in Britain have given money to the Tory party, and Labour accused David Cameron of fashioning government tax policy in the interests of the sector.
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The research into hedge fund managers’ political donations, which was compiled by the Labour Party based on public disclosures, found that of the 59 wealthiest asset managers included on the most recent Sunday Times Rich List rankings 27 had made a combined £19m in donations to the Conservatives, with £10m flowing into Tory coffers since the 2010 general election alone.
And that investment paid off, with the Tories delivering a £145m "hedge fund tax cut" by abolishing stamp duty on investment funds. Which looks like a straight out business transaction, and a clear case of corruption.
Meanwhile, the spin in the British media is that billionaires Don't Like Labour. Because what matters in a democracy isn't the support of voters, but the support of a tiny, moneyed elite.