SCOTTISH Labour halved its spending in last year’s Holyrood election, while the Scottish Conservatives more than trebled theirs, according to official figures.

Spending returns released by the Electoral Commission show Labour spent just £337,814 in 2016 compared to £816,889 in 2011, a drop of 59 per cent.

The slump coincided with the party recording its worst result since the start of devolution, falling to third place between the Tories and winning just 24 MSPs.

In contrast, the Scottish Conservatives spent £978,921 compared to £273,462 in 2011 and recorded their best ever result, overtaking Labour and jumping from 15 MSPs to 31.

The SNP were again the biggest spending party, laying out £1,465,542 compared to £1,141,662 in 2011, but slipped from 69 MSPs to 63 and lost their outright majority.

Political parties contesting every constituency and region in Scotland had a maximum spending limit of £1,516,000.

The figures suggest each of the parties had a shrewd idea of their likely chances in the election, with Labour not throwing good money after bad in light of its hammering in the general election, and the Conservatives sensing their moment had come.

The drop in Labour’s spending also followed a hugely costly campaign in 2015.

Under then leader Jim Murphy, the party outspent the SNP only to lose 40 of its 41 MPs.

The party splashed £1.6m to the SNP’s £1.47m, yet the Nationalist went from six MPs to 56.

The spending spree was followed by some big Labour donors refusing to give more cash.

Asked just before the Holyrood election how much her party would spend, Scottish Labour leader Kezia Dugdale said it would be “substantially less” than in 2011.

She said her party was going in for “more small scale fundraising”, with an “Obama model of regular small donations, rather than have one or two big donors or funders”.

Overall, 19 parties contested at least one constituency or region in the Scottish Parliament election and the total reported spend was £3,335,901.

This was 27 per cent up on the £2,631,246 spent by parties campaigning five years ago.

There was a notable shift to targeted voter advertising, much of it through social media, with parties spending £973,605, double the £438,601 of 2011.

Spending on press conferences and media events fell from £54,590 to £7,560.

Andy O’Neill, Head of the Electoral Commission in Scotland said: “The information we have published today completes the picture on campaign spending by political parties at the Scottish Parliament election. Voters can now see exactly how parties spent their money campaigning for their votes.”

Previously released figures for the smaller parties showed the Scottish LibDems spent £186,448 to win five MSPs, the Scottish Greens £176,086 to win six and Ukip £89,139 (nil).