In a significant blow to Rishi Sunak's leadership, the Conservative Party is facing a major donor exodus as wealthy backers defect to rival party Reform UK. The political earthquake sees prominent businessman Jeremy Hosking leading the charge, confirming he has switched his financial allegiance and will no longer fund the Tories.
Major Financial Backer Jumps Ship
Jeremy Hosking, who has donated approximately £1.7 million to the Conservative Party since 2012, told the Independent he has "ceased donating to the Conservative Party" and believes "the only way to secure a proper small-state, low-tax, control-of-immigration agenda is to vote for Reform." This represents a stunning reversal for a man who previously described himself as a "lifelong Conservative."
Reform UK Gains Momentum
The defection comes as Reform UK, led by Richard Tice, positions itself as the true heir to Conservative values. Mr Tice confirmed that Mr Hosking is now supporting his party, telling the Independent: "Jeremy Hosking is one of the donors who is now supporting Reform UK."
This isn't an isolated incident either. The Electoral Commission records reveal that at least three other former Tory donors have recently switched their financial support to Reform UK, signalling a growing trend that could have serious implications for Conservative campaign funding.
Conservative Response and Growing Concerns
While a Conservative spokesman insisted the party continues to receive "significant donations" and maintains a "strong fundraising operation," political analysts suggest this represents a worrying trend for Sunak's leadership. The loss of major financial backers to a rival party on the right threatens both the Conservatives' election war chest and their political credibility.
What This Means for British Politics
The donor defections highlight the deepening divisions within the centre-right of British politics. As Reform UK gains financial muscle and political traction, the Conservative Party faces the dual threat of losing both voters and the financial resources needed to fight them.
With a general election looming, this financial realignment could significantly impact campaign strategies and potentially split the right-wing vote, creating opportunities for opposition parties while weakening the Conservative Party's traditional funding base.
