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  1. ITV Report

Labour hits new fundraising record of nearly £56m

Jeremy Corbyn (Lesley Martin/PA) Photo: PA Wire/PA Images

Labour raised a record income of nearly £56 million in 2017, official figures show.

Jeremy Corbyn’s party took in just over £4.5 million more than its previous record of £51,153,000 in 2015.

Labour both raised and spent about £10 million more than the Conservatives, with income of £55,793,000 and a spend of £54,342,000 in 2017.

A party spokesman said: “Unlike the Tories, who rely on a few super-rich donors to bankroll them, we’re proud to be powered by small donations from hundreds of thousands of people across the country.”

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Accounts for Theresa May’s party show it took in a much lower £45,947,000 and spent £44,867,000.

Legacy payments from dead Conservative donors were double those from living members, with £1,697,000 paid in legacies versus £835,000 from memberships.

Conservative membership payments have halved from £1,459,000 a year earlier and legacies were more than five times higher, jumping from £301,000.

POLITICS Income Credit: PA Graphics

In contrast, Labour saw membership payments rise from £14,393,000 in 2016 to £16,165,000 in 2017.

No other political party raised more than £10 million, with the Liberal Democrats in third place, taking in £9,710,000 but spending £10,454,000.

The SNP raised £5,800,000 and spent £5,098,000.

SNP depute leader Keith Brown said: “It’s clear the Tories are being kept afloat by a tiny group of super-rich donors to survive.

“With thousands more people joining the SNP in the wake of the Westminster walk-out in June, it looks like we’re on the cusp of overtaking the Tories to become the second largest party in the UK.”

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Spending by all political parties soared 30% in 2017 compared to the year before, Electoral Commission figures show.

The snap general election saw parties spend nearly £28 million more than in 2016.

Income for parties rose slightly less by just over £24 million – a rise of 24%.

Figures are for the 10 political parties that raised more than £250,000 for the year ending December 31.