The cash-for-peerages affair has worsened Labour’s financial problems, with donations slipping almost to the level of those received by the Liberal Democrats.

Labour figures admitted yesterday that the party’s position was unlikely to improve until Gordon Brown became Prime Minister. “If you were planning to give money to Labour you would do it after Gordon takes over and not while Tony is there,” one said. “And if you are an avid Blairite you would probably save your money for any big institute that he may set up after he goes.” Another party insider said that donors were “holding back” and suggested there were several big gifts in the pipeline.

Donations fell from £3.2 million in the third quarter to £2.6 million in the last, and the party owes more than £23 million. The Conservatives owed even more — £35 million — on December 31. But they have recently sold their Smith Square headquarters for £30.5 million, and received £5 million in the last quarter. According to Electoral Commission figures, Labour attracted £2.64 million and the Lib Dems £2.32 million.

Parties also paid off — or converted to donations — £316,700 of £60.8 million in borrowing they had to disclose last year after the loans-for-peerages allegations. New borrowing reached a mere £36,100.

Three £250,000 donations from financiers have angered trade unions. Nigel Doughty, Sir Ronald Cohen and Jonathan Aisbitt each gave the sum, the commission’s figures show. Paul Kenny, leader of the GMB, suggested that Labour’s National Executive Committee “look into the background of where this money is coming from . . . Only in the last few weeks has the GMB campaigning put names and faces to the multimillionaire elite who run the private equity industry and made clear what they do”.

Mr Doughty, chairman of Doughty Hanson, a UK-based private equity firm, has a personal fortune estimated at £120 million. Mr Aisbitt is thought to be worth £98 million — much of which he made in the flotation of Goldman Sachs, where he was a partner. He is now reportedly a director at the hedge fund Man Group. Sir Ronald, who is a supporter of Mr Brown and started the private equity vehicle Apax with friends in the 1970s, is believed to be worth £260 million.

Labour described the three as “longstanding supporters of and regular donors to the Labour Party”. A spokesman said: “The party receives support from many individuals and organisations that share our values of economic prosperity coupled with social justice and we welcome all their contributions.”

Hazel Blears, the party chairman, said: “Enterprising people, through private equity and other means, have been able to go into companies which are failing, turn them around, secure jobs, make sure the pensions scheme is secured and, in many cases, have breathed new life into enterprises which otherwise would go to the wall.”

Conservative coffers were boosted by a £500,000 donation in October from an unincorporated association called the Scottish Business Groups Focus On Scotland. This is the largest gift yet from the group, made as the elections to the Scottish Parliament approach.

Business donors have made increasing use of unincorporated associations to make gifts to the Tories; the Midlands Industrial Council has given £1.3 million since 2003. The names of members providing the funds do not have to be published by the Electoral Commission.

Another £500,000 gift came from an individual named Michael Farmer, a Christian and a metal trader who is said to be impressed with Mr Cameron’s policy on the family.

A large chunk of the Liberal Democrats’ gifts came from the Joseph Rowntree Reform Trust Ltd, which gave £685,034 in three separate donations.

Big spenders

Conservatives

Michael Farmer: £500,000

Founder of an Anglo-US metal trading hedge fund, he is a multimillionaire Christian who increased his donation under David Cameron’s leadership, reportedly inspired by his support for the family

Michael Hintz: £203,000

According to Forbes magazine, the Australian hedge fund manager is worth $600 million. He lives in South London with wife and four children. Made big donation just before the last election to fund an 11th-hour advertising campaign

Labour

Jon Aisbitt: £250,000

Director of Man Group, Britain’s largest hedge fund manager, thought to be worth nearly £100 million. Previously gave £250,000 for Blair’s election campaign

Nigel Doughty: £250,000

Nottingham Forest FC owner and chairman of private equity firm, with fortune estimated at £120 million. Has given £750,000 over the past two years

Liberal Democrats Paul Marshall: £125,000

Co-founder of a European hedge fund group. On the board of the children’s charity Ark

Paul and Eve Strasburger: £100,000

He founded Safe Estates, which provides electronic and physical security to 35,000 unoccupied buildings across Britain

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