Income for the Conservative party slumps by £20m to its lowest level since 2003

The amount of money in the Conservative Party’s coffers almost halved last year to its lowest level since 2003, official figures showed yesterday.

The party’s income slumped by 45 per cent in the year since the 2010 election, falling by almost £20million.

It means David Cameron has led his party to its worst financial situation since Iain Duncan Smith was leader.

Slump: The Conservative party income has slumped to just £20 million, a decrease of 45 per cent since the elections in 2010
Finances: The state of the Tory finances is the worst since Iain Duncan Smith was in charge of the party

Finances:  The slump in Tory coffers under David Cameron now means it is the party's worst financial situation since Iain Duncan Smith was leader in 2003

Accounts for 2011 published by the Electoral Commission showed the party took in £23.7million, spent £22.8million and had liabilities totalling £8.7million.

A slump was expected because the 2010 figure of £43.1million was swelled by donations to the general election war chest. The party also lost state funding on taking power.

But the latest figure is £7million lower than the year after the 2005 general election and reflects a wider dip in financial support.

'Losing faith': Labour MP Simon Danczuk has cited the budget as a cause for a slump in donors

'Losing faith': Labour MP Simon Danczuk has cited the budget as a cause for a slump in donors

Labour also saw income fall, from £36.3million to £31.3million, with its post-election slump tempered by defeat, making it eligible for ‘Short Money’ taxpayer support.

Despite losing state support, the Liberal Democrats drew in £6.2million – well down on the previous year’s £9.6million but only just short of its 2009 total.

The biggest leap was enjoyed by the Scottish National Party, which saw income more than double from £1.8million to just over £5million.

Last night, Labour MP Simon Danczuk said: ‘It seems even the prospect of kitchen suppers with David Cameron in the Downing Street flat can’t stop the slump in Tory donations.

‘With donors losing faith in David Cameron in the wake of the cash for access scandal and George Osborne’s disastrous Budget, the news that donations have already halved will be causing panic in Tory HQ.

‘The Tories may try to win back their rich supporters by offering tax cuts for millionaires while millions pay more, but with a double dip recession made in Downing Street it’s clear that even their fat cat donors are feeling let down by a Tory Party that promised change, but has failed to deliver.’

The Conservative Party declined to comment.