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

Comply or Die at Grauniad | MediaGuido
Labour Beats UKIP in South Yorkshire | LabourList
Mock the Week’s Weak Comedy | Nigel Farage
Can Jim Murphy Save Scottish Labour? | Guardian
There is Still Appetite for the Westminster Lunch | Jon Craig
Labour Turn Their Backs on Jewish Community | Dan Hodges
Chivalry is Not Dead | Laura Perrins
Jonathan Jones is a Tw*t | Iain Dale
Second Scotland Poll Suggests Labour Wipeout | Times
Paedo Probe Boss Urged to Quit | Sun
Keynesian Tories Won’t Eliminate Deficit | Tim Montgomerie


VOTER-RECALL
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Zac Goldsmith: “The hon. Gentleman might like to know that today’s Guido Fawkes quote of the day is the one on drug laws that we have heard cited by a number of hon. Members.”

Mike Hancock: “I am delighted to hear that Guido Fawkes is talking about something other than me.”



“Digger” Murdoch says:

Is it just me, or is Nigel Farage just a top hat and a monocle away from being a Batman villain?


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