Politics

28 February 2009

Fraser Nelson reviews the week in politics

The name Michael Ashcroft is spat out like a curse whenever it is uttered on the Labour benches. David Cameron may be an annoyingly effective enemy, George Osborne a tricksy strategist — but there is something about Lord Ashcroft that has earned him a special place in Labour demonology. This is why last week’s decision by the Electoral Commission to investigate donations made by one of His Lordship’s companies is being quietly celebrated as a breakthrough that could finally torpedo the engine room of David Cameron’s electoral operation.

A substantial bounty is at stake. Some £4.5 million has been donated to the party by Bearwood Corporate Services, one of Lord Ashcroft’s businesses, which the Tories will be forced to hand over if the money is judged to have come from overseas sources. Given the glacial pace of such investigations, this could easily happen just before an election. For the Labour MPs who lodged the complaint, a double whammy is now possible: depriving the Tories of campaign funds at the last minute, and finally drawing blood from the seemingly untouchable Lord Ashcroft. The latter is, by some margin, the more appetising prospect.

To understand why Lord Ashcroft is the devil incarnate to so many Labour MPs, one must (odd as it seems) forget his money. The party’s current co-treasurers, Michael Spencer and Stanley Fink, are expected to be able to stump up an eight-figure sum between them, if need be. Mr Cameron does not lack donors. What he does lack is warriors of Lord Ashcroft’s calibre and battle-hardened experience. For this billionaire and his closely knit team have transformed the party’s campaigning division from a rusty, misfiring blunderbuss to a finely honed machine, set to claim at least 125 scalps at the next general election.

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Alan Carcas

February 26th, 2009 11:29am Report this comment

Hope to God the Tory heirarchy have got their relationship with Lord Ashcroft right..... To find that he isn't a bona fide donor after all this time would surely destroy any credibility Cameron has generated - for himself as well as the Party.

Stephen Walkley

February 27th, 2009 11:32am Report this comment

The money given by Bearwood to the Conservative did not come from profits earned by the company but by people subscribing for share at a premium of £4.6m. If the subscribers were not UK resident then Bearwood was acting as a conduit for illegal donations.

It should not take long to establish who subscribed for the shares.

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