Today’s Independent brings the news that:

Labour is to delay repaying its “cash for honours” loans for up to a decade as it attempts to plug a £16m black hole in its finances…

Accounts due to be published at the end of this month will show the party still has a net deficit of £16m and will need to slash spending this year – despite an existing programme of cuts meant to ensure Labour was living within its means.

The party has axed next year’s spring conference to save £250,000 and plans to cut retainers to firms such as the advertising giant Saatchi and Saatchi and the Prime Minister’s personal pollster, Deborah Mattinson…

Sources said that the party had increased income from subscriptions, despite a fresh fall in membership to around 175,000 from a peak of more than 400,000 in 1997.