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Ukip, the self proclaimed anti-establishment party, has received almost a million pounds from a former Tory backer and a media tycoon to fight the election.

Figures released by the Electoral Commission today showed in the last three months of 2014 Ukip was given £1.5million in donations.

More than £611,000 was handed over to the eurosceptic party by insurance tycoon - and ex-Tory donor - Arron Banks, either directly or via Rock Services Ltd, a company of which he is a director.

Daily Express owner Richard Desmond handed over £300,000, and another £80,000 was donated by Ko Barclay - the son of one of the owners of the Daily Telegraph.

Mr Banks initially decided to donate £100,000 to Ukip, but after former Conservative leader William Hague said he had never heard of the ex-Tory backer, the donation was upped to a £1million.

If Mr Banks keeps to his word, the party can expect another £400,00 before May’s vote.

The third highest donation came from Bown Properties, a company based in Gravesend, Kent, which gave £88,950 in the last three months of 2014.

In the whole of last year, Ukip received £3.8million in donations - more than five times the £668,829 it was given in 2013.

Ukip donations in the last three months of 2014 Source: Electoral Commission

Labour’s Jon Trickett MP said: “Nigel Farage is bankrolled by the very people who keep David Cameron in business.

"Ukip are a party of Tory money, Tory policy and Tory people.

“Ukip are more Tory than the Tories. They want to increase NHS privatisation, bigger bonuses for bankers and another tax cut for millionaires.

“Nigel Farage doesn’t stand up for working people but instead a privileged few at the top."

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The figures released today show that all parties have been bolstering their war chests ahead of the General Election.

The Conservatives reported donations totalling £8,345,687 while Labour reported £7,163,988, the Electoral Commission figures showed.

The Liberal Democrats reported £3,038,500 in donations, and the Green Party £248,520.

The latest regular release of donation information comes amid a bitter political row between Labour and the Tories over the tax affairs of party supporters, with Ed Miliband having accused David Cameron of being a "dodgy Prime Minister surrounded by dodgy donors".

The total donations reported by political parties between October 1 and December 31 2014 was £20,326,862, more than £5 million higher than the previous three month period.

The total is also higher than the £17,419,277 recorded in the final quarter in 2009 when parties were preparing to fight the 2010 general election.

The three biggest donations were all from trade unions to Labour, with Unison handing over £1,384,289 to Mr Miliband's party, Unite donating £1,336,570 and GMB £1,088,810.

The Union of Shop, Distributive and Allied Workers also gave £416,872 to Labour.

The Tories' largest donation was £500,000 from Michael D Gooley, while Lord Michael Glendonbrook gave £334,000 and David J Rowland donated £322,700.

The Lib Dems received £400,000 from Max Batley.

Asked about big donations at a conference in London, Nick Clegg said: "Of course we need a party funding deal.

"All major parties committed in 2010 to once and for all rid British politics of the endless scandal."

He said he was "intensely disappointed and frustrated" that after getting representatives of all parties together two years ago, a deal had not been reached, and accused the Conservatives and Labour of blocking an agreement.

Mr Clegg said that, whoever is in power after the general election, he would like to see parties say now that they will come to a new agreement that would "clean up funding once and for all".