Billionaire donor Lord Spencer has bolstered Rishi Sunak's election campaign with a £250,000 contribution, urging the business community to support the Conservatives,

whom he deems "a better choice than Labour."

Lord Spencer, a former party treasurer, praised Sunak's economic policies, stating, "The economy is like a supertanker, it takes time to turn around but it is turning around, and Rishi does deserve some credit for that." He acknowledged widespread frustration with the Conservatives after 14 years in power but warned against switching to Labour, advising, "Be careful what you wish for and be very careful of what you expect."

Spencer, who co-founded Intercapital Brokers and was a key supporter of Boris Johnson's leadership campaign, expressed skepticism about Labour's commitment to economic growth. He remarked, "Labour may talk the talk on promoting growth, but will they actually walk the walk? I am profoundly skeptical." He also noted that Sir Keir Starmer is "not a Tony Blair" and suggested that the current Labour Party could form "the most Left-wing administration this country has ever had."

Despite Labour's efforts to appeal to the business sector, some former Conservative advisers, like Iain Anderson, now advising Labour, argue that the public desires stability and economic competence. Anderson noted that businesses are eager for change, stating, "The current regime is exhausted."

The Sunday Times reported that Tory donors are seeking to soften the party's stance on non-dom policies. Chancellor Jeremy Hunt announced plans to abolish non-dom status in the latest budget, a move intended to fund additional NHS appointments and free breakfast clubs for primary school pupils. This decision faced backlash from business figures and MPs, many of whom referenced Hunt's earlier criticism of scrapping non-doms, where he had argued it would drive wealthy foreigners to other countries with similar schemes.

This election is set to be the most expensive ever, with new rules increasing the spending cap for parties to £35 million, up from the previous £19.5 million.

Lord Spencer remains a significant financial force within the Conservative Party, using his influence to rally business support and warn against a shift towards Labour's policies. Photo by AliCarshalton, Wikimedia commons.