Labour Party Debt?

Discussion in 'Current Affairs, News and Analysis' started by in_the_cheapseats, May 11, 2010.

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  1. in_the_cheapseats

    in_the_cheapseats LE Moderator

    There was much spoken about the amount of Money each party had to play with during the election with the Tories well ahead of Labour.

    There was a good amount a couple of years ago about the state of finance of the Labour Party when they almost went under with the scale of debt they had..

    In 2008, they were £17m in hock.

    With a shrinking membership, now out of power and having just spent a load on another election campaign, what state of the finances now?

    Now I know that Labour have been getting their own non-dom money coming in from Mittel and other "UK" citizens 8O but I don't think it will be enough to cover their debts.

    Perhaps a roving journo could have a dig. Might be an interesting investigation.

    Anyone else find newer details on this?
     
  2. I'm sure there was some fiddle (mentioned on ARRSE) where they gave the unions taxpayers money and then they received almost the same amount back in donations from the unions.
     
  3. Not just that but I beleive that the Labour Party may be technically Bankrupt and some of the key figures including Brown and Harman who are on the National Executive Council may become liable for the debt ... interesting times ahead .

    Edited to add ..... I doubt if their finances have improved significantly since this Guardian article in 2008 .

    Link .... http://www.guardian.co.uk/politics/2008/may/29/labour
     
  4. CountryGal

    CountryGal LE Book Reviewer

    they have 6 months from the end of the finacial year to publish their accounts so we might have to wait this one out a little bit yet
     
  5. I believe your are correct.

    Not exactly £ for £, but near enough after "handling" expenses.
     
  6. CountryGal

    CountryGal LE Book Reviewer


  7. That would be the Union Modernisation Fund, something I believe may not exist tomorrow morning!
     
  8. The notorious Union Modernisation Fund. £10 million of taxpayer's cash paid to the unions and £9 million donated straight back to the Labour Party.

    After that ran out, the only thing keeping the bailiffs from the door was the Unite union guaranteeing Labour's debts. Gordon ran his party finances in much the same way as he the country's finances. Never mind. Harriet is interim party leader. It's her problem now.
     
  9. Lets face it your statement is just pure bollocks (fantasy )
     
  10. Yes obviously, Thats why two people have posted it was the Union Modernisation Fund.
     
  11. in_the_cheapseats

    in_the_cheapseats LE Moderator

    T-6 - good find, sir! My thanks

    So just covering the main parties of interest.

    Party New loans (£) Repaid loans (£) Total loans outstanding (£)

    Conservative Party 72,450 1,024,000 3,080,496

    Labour Party 3,000 1,606 9,766,172

    Liberal Democrats 35,000 3,000 388,583

    Scottish National Party 0 5,000 484,503

    UK Independence Party 287,500 5,750 291,250


    So Labour still £9.7m in the red. Ouch!
     
  12. Actually, it is absolutely true.