Several rich donors who have previously given millions to the party under Mrs May’s leadership, said they are holding back funds until she is replaced.
The head of the Midlands Industrial Council, whose 33 members gave £5 million to the Conservative party in the run up to the 2017 General Election, told the Daily Telegraph last night: “With the level of confusion within Parliament at the moment, the uncertainty over a possible election, a possible change of leader, most donors are reluctant to make donations at this time.
“We all need some clarity on what direction the Conservative party and the Government are going in.”
Another businessman told the newspaper that donors had “turned away in disgust,” adding: “Once May has gone the donations will resume”.
Several have already snubbed next month’s annual Black and White Ball – a major fundraising event.
The funding shortfall deals another blow to Mrs May’s hopes of winning an election if she decided to call a snap vote to break the Brexit impasse.
Earlier this week The Sun revealed internal research that found the Tory party is woefully underprepared to fight a General Election and could end up handing Jeremy Corbyn the keys to No10 heading up a Rainbow Coalition with the Lib Dems and the SNP.
Some within government have speculated whether to call a snap election if she can’t win a majority for her Brexit deal.
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