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Sir Hayden Phillips’s second interim report on party funding has been leaked to the BBC, and it contains bad news for Labour. Sir Hayden appears to be leaning towards capping donations at £500,000, and reducing that cap over four years to just £50,000. This would be hard for the Labour Party, as it has less high income donors than the Conservatives, who have been calling for a £50,000 cap for this very reason. How it would leave the Liberal Democrats is known only to Cowley Street insiders. However, it is in the following section that Sir Hayden strikes ...