The Conservatives’ wealthy backers are furious about the state of the party and are looking for fresh leadership to replace Theresa May, according to insiders with connections among the party’s network of contributors.



Donors are angry that they were asked to pay for a general election – several wealthy individuals contributed amounts that were well into six figures – that they didn’t expect, don't believe was necessary, and turned out disastrously for the party.

“They’re pissed off,” said a source close to 10 Downing Street. “They weren’t expecting to have to stump up for this election. Then, having done so, they realise they’ve got to do it again some time soon.”

“Some of these people stumped up two years’ worth of donations and they didn’t get any return on their investment,” said a senior Conservative MP.

The Conservatives tapped dozens of wealthy backers in the business and financial worlds for contributions in the run-up to the general election in June, raising £12.7 million in six weeks compared to Labour’s £4.5 million.

Among the biggest contributors were John Griffin, the founder of the minicab company Addison Lee, who gave more than £900,000 in the weeks before the election; John Gore, an Old Harrovian theatre producer, who kicked in more than £1 million; and John Armitage, a Cambridge history graduate who founded the hedge fund Egerton Capital, who kicked in two payments of £500,000 during the campaign.

Virtually all of Labour’s large donations, by contrast, came from trade unions.

After a lacklustre campaign, which ended with the Conservatives losing their majority, the feeling among the high-end backers is that May is done as prime minister – that it’s merely a matter of when, not if, she is replaced, the insiders said. But there is little enthusiasm for anyone else on the front bench replacing her.

The overwhelming concern of the party’s influential backers now is stopping Labour leader Jeremy Corbyn taking over in Number 10 – more so than getting through Brexit – and none of those around the cabinet table are seen as a plausible alternative to May, the insiders said.

That includes Boris Johnson, the foreign secretary, who was once hugely popular among contributors.

“I’ve never seen anyone who was a magnet for donors like Boris,” said one former Downing Street adviser. “He was a fundraiser like nobody else. But his reputation has plummeted. I can’t see any circumstances now where they would go for Boris.”

