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Monday, October 12, 1998 Published at 17:26 GMT 18:26 UK
Party fundraising: what Labour wants
The Labour Party submitted their proposals to the Neill Committee on February 26, 1998. Proposals included:
- Companies to seek majority shareholder approval before making a political donation. Shareholders opposing the donation would qualify for a rebate in proportion to their shareholding;
- The establishment of an independent electoral commission to enforce limits on political parties' spending during election campaigns;
- The imposition of a "voluntary" ceiling of £5,000 on undeclared political donations from individuals;
- A £15m limit on election expenditure;
- A £1.5m ceiling on campaign expenditures by "third parties", such as trade unions and affiliated bodies;
- Abolition of blind trusts - anonymous donations like those used to fund the private offices of senior party figures;
- Legal requirement for parties to publish their audited revenue accounts and balance sheets annually;
- Ban on donations from individuals not on a UK electoral register;
- Ban on donations from companies not incorporated under UK law or without substantial domestic business interests.
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