Mark Pack

Latest on Labour’s financial woes

By | Sat 19th July 2008 - 1:50 pm

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.

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2 Comments

  • Greenfield 19th Jul '08 - 3:57pm

    The Unions I think are still likely to bail Labour out of much of their debt as the prospect of a Tory Govt looms close.
    So no time to gloat – get out & fund raise (off to Lib Dem BBQ myself tonight!!)& sign up new members!

  • Spanny Thomas 19th Jul '08 - 5:33pm

    My thoughts on labours financial woes – bwahahahahahahahahahahahaha

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