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World

Labour donors may cash-out if Corbyn wins

Opening sequence

Opening sequence

World

Labour donors may cash-out if Corbyn wins

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COMING UP:Labour donors may cash-out if Corbyn wins

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Transcript

00:00:00
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APPLAUSE
>> All evidence so far points to this man being the next Labour leader. Jeremy Corbyn is streaks ahead in the first poll of those eligible to vote in the party's election. In fact, the YouGov survey suggests he will win by a bigger margin than when he first stormed to power last year.
00:00:19
But his victory may come at a cost to Labour's purse strings. Reuters' Liz Piper has been taking the pulse of private party donors.>> Labour's so-called money men, some of them who have been credited with getting Labour into power under former Prime Minister Tony Blair and actually keeping Labour in power for a decade.
00:00:39
I think they've decided that Corbyn is not business friendly. They are largely businessmen, or former businessmen now retired, and they see a party that is now unelectable.>> Challenger Owen Smith hopes to change that, pitching himself as the unity candidate, he hasn't thrown in the towel. And worse, polls suggest Corbyn has the party's grassroots, Smith has the majority backing of Labour MP's.
00:01:07
But if his bid to unseat Corbyn isn't successful, Labour's money men may look elsewhere. They are still interested in leftist politics. And so more and more of them are actually getting into donating money to send to left groupings. Some of them are very new, only set up earlier this year.
00:01:26
And also center-left politicians who are now on the back benches waiting for a time to pounce,
LAUGH] m
ybe change that leftist bent that Labour has at the moment. But this is no short-term game, I think this is going to be played out over in the next two, three years.
00:01:43
>> And in the short-term, Corbyn's team might argue there's still a healthy cash flow. He has the support of most unions, a traditional Labour source of income, and a surge in membership under his stewardship has helped stuffed the party's coffers. Then again, for the Labour Party this is anything but business as usual.