May 29th, 2008

Labour Insolvent, 30 Days from Bankruptcy

David Hencke has a round-up this morning of the debts coming due for the Labour Party taken from the Electoral Commission’s updated records released yesterday. He also reveals that NEC members threatened to resign unless they were indemnified for their potential liabilities. City lawyers Slaughter & May have warned that NEC members could be jointly and several liable for the debts. That means Gordon Brown himself could be held legally liable for £24 million of party debt…

The Co-operative Bank is calling in £2.61m in loans, Unity Trust Bank owned by the Co-op and the unions has a further £1.54 m due at the same time. In total £7.45m is due next month. Money that Labour simply does not have. Guido is willing to risk buying Labour Party debt at 10p in the £1…

The position of general secretary is still vacant. Guido is surprised.



Seen Elsewhere

Play the Great Clacton By-Election Game! | ConservativeHome
Your Aussie Sheila’s Not Up To It Mr Speaker | Jesse Norman
The Douglas Carswell Shock | Tim Stanley
Carswell is a True Moderniser | Charles Moore
Assembling a New World Order | Henry Kissinger
India’s Modi Bypasses Mainstream Media | Index
Bercow on the Knife Edge | Quentin Letts
Welcome to Mississippi | Conservative Women
LibDems Select Hancock Replacement | Blue Guerilla
Carswell Resigning: “Moment Labour Won Election” | Labour Uncut
Why We Need Change | Douglas Carswell


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Douglas Carswell…

“I stab people in the front, not the back.”



Owen Jones says:

We also need Zil lanes.


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