Tories get to grips with party finances
Tory leader Michael Howard last tonight announced plans to put his finance-starved party on a “sound footing for the long term.”
The Tories are to replace the treasurers’ department with the Conservative Party Foundation.
The Foundation will work to raise funds for the party’s General Election campaign and build an endowment fund for the party’s future.
The GBP6 million raised from the sale of Conservative Central Office will be given to the Foundation.
Speaking of the sale, Mr Howard said: “The asset of the freehold of 32 Smith Square is a great legacy from previous generations of Conservative leaders to our generation.
“I want the foundation to ensure that my successors also receive a long lasting bequest.”
The chairman of the Foundation will be Lord Hesketh. Jonathan Marland will be the chief executive and six trustees have been appointed.
Mr Howard said last night that several former party donors and fundraisers had returned to the party fold.
The list includes Dame Vivien Duffield; Galen Weston; Lord Sainsbury of Preston Candover; Marquess of Salisbury: Lord Strathclyde and George Magan, the party’s treasurer.
Former party treasurer Lord Ashcroft has pledged a GBP2 million donation but on the proviso that the money would not be consumed by Central Office administration costs.
