Hedge Funds Take Center Stage At Prime Minister's Questions

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."


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of