LABOUR received more money last year than any UK political party ever - but still lost the election to the Tories.

Jeremy Corbyn’s party spent £10million more than the Conservatives in 2017, mainly thanks to its union paymasters, but was unable to unseat Theresa May in the snap poll.

New figures from the Electoral Commission show the official opposition had a total income of £55,793,000 – more than £4million than the previous high in 2015 - and spent just over £54million of it.

They received more than £18m in donations, up almost £4million on 2016, and received £16m in fees from their members – who they said numbered 564, 443, up 20,000 on the previous year.

Their biggest donor was Unite, who gave them almost £9million, along with fellow unions UNISON and the GMB, who both handed over around £2million.

Labour’s biggest donation from an individual was a gift of £300,000 from controversial press-hating millionaire and ex-Formula 1 boss Max Mosley.

Meanwhile the Tories reported an income of £45.9million, and spent £44.8million - £34.3 million coming from donations, up 83 per cent on the previous year.

Their annual accounts reported that more than £12million of that was received in the month leading up to the snap election.

But their membership fees were down by half, raking in just £835,000, as they suffer from a dwindling number of party activists.

The biggest individual donors were John Armitage, a hedge fund manager; John Gore, a leading producer of theatre in America; Patrick Gregory, who donated it in his will; and John Griffin, the founder of minicab giant Addison Lee. They all gave around £1million.

It continues a long period of the Tories being outspent by Labour and taking more in donations.

The last time the Conservatives had a higher income than the opposition was in 2010, the year David Cameron won the general election, one of only two years since 2002 they outspent their main political rivals.

The accounts from last year also show the Lib Dems were handed almost £10million in income, while the SNP brought in £5.8million, the Green Party £2.4million, and Ukip £1.8million.

The largest donation to a non-major party was a whopping £300,000 bequest from Charlotte Lilian O'Gorman to the Socialist Party of Great Britain.