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Arron Banks’ political spending revealed

Arron Banks’ political spending revealed

Arron Banks’ political spending revealed It’s fair to say that most of the insurance sector was firmly in the Remain camp during the EU referendum. However, there were certainly some notable exceptions – one in particular.

Step forward Mr Arron Fraser Banks, the Bristol-based founder of GoSkippy and Southern Rock Insurance – and boy was Mr Banks prepared to put his money where his mouth was.

The Electoral Commission has updated its database to show the most recent political donations and loans – and Mr Banks is commonly featured.

According to its records, Mr Banks made a £2 million loan to Leave EU Group Ltd on March 15 this year; followed that up with another £3 million on March 31; and a further £1 million on April 21. As of today, all of the money loaned remains outstanding. That’s a neat total of £6 million.

The loans are not the end of Banks’ political spending, however. The same official Electoral Commission records show that he made a £50,000 donation to UKIP on November 07, 2014; spent another £50,000 on November 20 of the same year; and donated £10,000 on December 01.

During 2015 he made a donation of £15,000 on February 09; £550 on March 27; and £16,152 on August 03. He followed this up with a £25,000 donation on April 01 this year; and a £10,000 donation on June 06.

So in total, Mr Banks has spent £6 million in loans to the Leave.EU Group; and made £176,702 in donations to UKIP since 2014. This ignores his previous spending to the Conservative and Unionist Party and a £5,000 donation made to Kate Hoey MP in April this year.

Whether this was a case of massive overspending or whether it is admirable that someone was willing to strongly back a campaign they believed in perhaps depends on which side of the camp you fall on.

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  • Tony Knight 26/08/2016 12:21:38
    Why is it "fair to say" that most of the insurance industry was in the remain camp? Where are the stats?
    Post a reply
  • Paul - Editor 26/08/2016 12:30:46
    Perhaps an assumption on my behalf, Tony. But based on industry conversations... and subsequent public statements of disappointment in the outcome. Of course that doesn't cover everyone.
    Post a reply