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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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