Thursday, 31 July 2014
Last updated 26 min ago
Jul 11 2013 | 11:28am ET
British Prime Minister David Cameron was criticized for his party's reliance on donations from hedge funds during a testy session of Prime Minister's Questions this week.
David Miliband, the leader of the opposition Labour Party, asked Cameron how much his Conservative Party had received from hedge fund managers. When the prime minister declined to answer, Miliband said that the Tories had received £25 million.
"This is a man owned by a few millionaires at the top of society and everyone knows it," Miliband said. "Here's the difference between him and me: I want party funding reform; he doesn't. I am proud that we have links with ordinary working people. He's bankrolled by a few millionaires."
Miliband's criticism follows Cameron's own of Labour's links to labor unions last week.
The Labour leader proposed a £5,000 cap on individual donations to political parties, a ploy Cameron quickly rejected.
"I don't see why the result of a trade-union scandal should be every taxpayer in the country paying for Labour," Cameron said, alleging that the difference in funding would have to be made up by the government, a charge Labour denies.
"So there we have the truth," Miliband said. "He is ducking funding reform. He doesn't want it to happen."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…