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

Another Feminist Lecture | Laura Perrins
UKIP Posters Bad Economics But Good Politics | James Delingpole
Tories Losing to UKIP in Scotland | ConHome
UKIPers Will Come Home in 2015 | Sun
Tories Set for Thrashing | Sun
Boris Announcement Imminent | Sun
The Case for Splitting Up CCHQ | ConservativeHome
Why UKIP Should Join a ‘European Union’. | Anna Raccoon
Dave’s Brush With Bed Bugs | Speccie
Farage: No Briton Could Be My Secretary | BBC
Dave and George Can Now Be Seen Together | Ben Brogan


new-advert
Guido-hot-button (1) Guido-hot-button (1)


Francis Elliot reports on No. 10 strategy meetings:

“When discussion veers to subjects that Mr Crosby thinks of concern only to the political and journalistic classes, he treats the offender as a pub bore with a tart request to “pass the beer nuts, mate”.”



Alexrod says:

It’s money innit.


Tip off Guido
Web Guido's Archives

Subscribe me to:






RSS




AddThis Feed Button
Archive


Labels
Guido Reads