UK Tories get majority of funding from bankers

The UK Bureau for Investigative Journalism has released a study that shows that more than half of the Conservative party's financing comes from rich bankers. Top donors met one-on-one with prime minister David Cameron and other Tory leaders. One major donor was made Tory treasurer, another was given a peerage.

In response to the news of City donations to the party, John Cryer, a member of the Treasury select committee, said: "With over half of Conservative party funds coming from the City, it's no wonder this Tory-led government is letting the banks off the hook. George Osborne is giving the banks a tax cut compared to last year and is refusing to adopt Labour's plan to repeat last year's £3.5bn bank bonus tax as well as the bank levy. Even with yesterday's panic announcement the Tory-led government is taking less from the banks than the Labour government did last year. And there is still no sign of a deal on increased bank lending, greater transparency and restraint on bonuses. People will now suspect that the real reason why George Osborne has been so soft is that he cannot afford to upset his paymasters."

Revealed: 50% of Tory funds come from City

(Image: Eat_The_Bankers, Adam Smith/Wikimedia Commons)