The Tories’ funding crisis has been thrown into sharp focus today, after it was revealed they have been forced to slash ticket prices for a posh gala dinner this summer by 60%. The party often hosts black tie balls for ultra-rich donors, the last one taking place under Rishi Sunak at the Hurlingham Club just before the election.

Back then the Tories managed to sell tickets for a whopping £12,000, and saw donors snap up auction prizes for tens of thousands of pounds. However just a year on and the party’s coffers are drying up. The Express can reveal that ticket prices have now been slashed by 60%, with the most expensive now selling for £4,950.

Meanwhile the cheapest ticket can now be picked up for just £195 - far less than the equivalent £1500 when Boris Johnson hosted the annual do in 2022.

The cut-price tickets suggest the party is struggling to attract the same wealthy donors it did just last year.

It also stands in contrast to Reform UK, who recently flogged tickets to a party in the same part of London for a minimum of £25,000.

Reports suggest Reform’s Mayfair bash in January raised a whopping £1 million for the party.

The Tories’ big summer fundraiser will be held at a 5-star luxury hotel within a five minute walk of Piccadilly or Leicester Square.

The ticket advertising website confirms that Lord Jeffrey Archer will be the evening’s auctioneer.

It promises: “All profits from this event will be ring-fenced to support our efforts to win back Westminster at next year’s local election.”

Tickets include a Sparkling Reception, a three-course meal with wine and soft drinks, followed by coffee, tea and petits fours.

The news also comes just a week after it was revealed a major donor has defected to backing Nigel Farage.

Bassim Haidar, who gave the Tories a whopping £700,000 during Rishi Sunak’s premiership, announced this weekend that he is pledging £1 million to Reform UK.

The tech billionaire was one of the Conservatives’ biggest donors in recent years, however now believes his former party has “stopped listening”.

He told the Telegraph: “he Conservative Party stopped listening and, for me, I had to go with the party that I believe can actually reset and change the status quo in the UK. Nigel and Reform are the only ones that can do this and that’s why I’m supporting them. If we want a better future, we have to stop funding the past.”

Ms Badenoch insisted she was “not worried” that Mr Haidar would be the first of many donor defections from the Tories to Reform.

Speaking on Sky News, Ms Badenoch pointed to the last set of donation returns from the Electoral Commission which said the Tories had out-earned Labour, Reform and the LibDems combined.

The Conservative leader said: “No, I’m not worried. We’re raising money as well in the Conservative Party. The last release said we raised more than the LibDems, Reform and Labour combined.”

“So we’re doing fine on donations. Obviously we don’t want to lose our donors, but we need to make sure that what we are doing is about the public not just about winning elections.”

The Conservative Party was approached for comment.