CMC spread betting firm founder gives largest donation of £400,000
A series of Tory donors are named as key supporters of the no campaign in next month's referendum on electoral reform. As Nick Clegg prepares to challenge David Cameron in a speech in favour of the alternative vote system, the no campaign finally released details of its supporters.
Using the cover of a major story – the News International admission of liability on phone hacking – the No campaign released a statement revealing that it had received £1.8m in donations of over the declarable limit of £7,500 from 41 donors. The philanthropist Peter Cruddas, founder of the CMC spread betting firm, gave the largest donation of £400,000.
The list also includes a series of Tory supporters: Lord (John) Sainsbury, the former minister, who gave £100,000; Michael Farmer, a city financier, who has donated £2.3m to the Tories and who donated £100,000; to the campaign.
• Lord (Philip) Harris, a contributor to David Cameron's Tory leadership campaign in 2005, who gave £75,000; and
• Lord Fink, the hedge fund manager and Tory Treasurer who was ennobled by Cameron after making generous donations to the Tories. Trade unions have also made donations. The GMB has given £10,000.
The list shows the impact of Cameron's decision to ask party supporters to throw their weight behind the no campaign. The prime minister had initially adopted a softly, softly approach to the referendum, which will be held on 5 May, to avoid upsetting his coalition partners.
Clegg will make clear that the coalition leaders have decided to go head to head when he mocks the Tories for electing their leader under AV while opposing it for Westminster elections. The deputy prime minister will say: "It is common knowledge that David Cameron and I disagree about this. Yet it is a form of AV that the Conservatives used in his leadership election. The Tories also use it to select their candidates. I find it astonishing that the Conservatives say AV is good enough for them but not good enough for the rest of the country."
He will also dismiss the argument that AV will help the BNP. "The no campaign is making the bizarre claim that AV will lead to BNP victory. Even Nick Griffin knows this is nonsense. That's why he's campaigning for a no vote. Nick Griffin knows that AV will make it harder for extremist parties to win because they cannot get the support of a majority of their constituents. Nick Griffin knows that it is first past the post that means parties like the BNP stand a chance of being elected with a fraction of the vote. That's why the no campaign is backed by fascists and extremists. If you want to defeat the BNP, vote yes."