It is also understood that the party will return £100,000 in donations to the businessman that he has made since Sir Keir Starmer took charge of Labour.
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Posting on X, Mr Craig said he had “enjoyed the odd bet for fun” throughout his life, adding: "A few weeks ago when I thought I would never win this seat I put a bet on the Tories to win here with the intention of giving any winnings to local charities.
He clearly has more than enough cash, just donate straight to charity.