The Tories spent nearly £24 million on their biggest general election loss in history, it has been revealed.
The 2024 general election has officially become the most expensive in British political history, with newly released figures revealing a total spend of £94.5 million by political parties, candidates, and third-party groups. This marks a sharp increase from the previous record of £72.6 million spent during the 2019 election.
Some parties saw strong returns on their investment – others, less so. The Conservative Party, for example, poured £23.9 million into the campaign, only to deliver their worst electoral performance in recent history. It’s hard to imagine entrusting the party’s financial managers with your household budget after that result.
Labour, on the other hand, spent a record £30.1 million, the highest total in the party’s history. Having emerged victorious, they’ll likely see the expense as justified, even if their majority is broader than it is deep. The increase in party spending limits also helps explain the higher totals.
But the standout performers in terms of value for money were undoubtedly Reform UK and the Liberal Democrats. Each spent approximately £5.5 million, a fraction of what Labour and the Conservatives shelled out. For comparison, the Lib Dems spent £14.4 million in 2019 and fared considerably worse.
Reform’s performance is especially remarkable. With limited resources, they won five seats, came second in nearly 100 more, and entered Parliament for the first time — all on a relatively modest budget. Their campaign laid the foundations for a potential realignment in British politics at a cut of the cost of their rivals.
Interestingly, despite their reputation as a social media-savvy movement, Reform made heavy use of traditional media advertising. They spent £900,000 on ads across the Mail Online, Daily Mail, Mail on Sunday, and the Telegraph – plus another £300,000 with The Sun. It’s a reminder that in British politics, old media still holds considerable sway, especially when leveraged with a clear message and disciplined spending.