Tory war chest boosted as Egyptian billionaire treasurer donates £5m

Tory war chest is boosted as Egyptian billionaire treasurer donates £5m – the party’s largest political gift in 22 years – to prop up its finances amid fears of being outgunned by Labour at the next election

The Conservatives have been handed an electoral boost in the form of a £5million donation from the party’s billionaire treasurer. 

Egypt-born businessman Mohamed Mansour rejuvenated the Tory coffers as he backed Rishi Sunak as a ‘capable’ PM who can restore the country’s economy.

The seven-figure donation is the largest single lump sum the party has received in more than two decades, since it was given the same sum by Sir Paul Getty in 2001. 

Writing in the Telegraph, he said he left Egypt for Britain due to it being ‘a place where the rule of law is paramount, property rights are respected and with an enviable record of political stability’.

‘I believe that this country has a very capable Prime Minister. One who understands how growth is generated in the modern economy,’ he said.

‘He gets the importance of technology and innovation. He can make the modern economy work for all UK citizens.’

Mr Mansour added: ‘I look at what he has achieved in his first months in office and think what he could do in five years.’

As well as running the Mansour Group, the Alexandria-born businessman has just been unveiled as the co-owner of the San Diego Major League Soccer team in the United States.

The seven-figure donation is the largest single lump sum the party has received in more than two decades.

The Tories suffered a major slump in donations last year, with the worst decline taking place when Liz Truss was in charge for 49 days

As well as running the Mansour Group, the Alexandria-born businessman has just been unveiled as the co-owner of the San Diego Major League Soccer team in the United States.

He is also a former Egyptian cabinet minister, and in February agreed a multi-million-pound tax settlement with HMRC, after a probe into one of his companies, Unatrac.

Last month it was reported the Tories had laid off cleaners and security staff at its London headquarters as it seeks to shore up its finances ahead of the local elections.

Staff at 4 Matthew Parker Street in Westminster, some of whom have been there for years on modest salaries, were said to have had their service terminated under a cost-cutting drive.

The Tories suffered a major slump in donations last year, with the worst decline taking place when Liz Truss was in charge for just 49 days.

But the donation from Mr Mansour means that the next set of figures expected later this month, for the first quarter of 2023, should be better. 

Source: Read Full Article