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.



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GuidoFawkes Quote of the Day

Boris tells the Sun:

“I think it’s a measure of his desperation, isn’t it, that yesterday we had one of the most absurd political spectacles that this country has ever seen. Not since the Tsar and Tsarina prostrated themselves and asked for economic guidance from Grigori Rasputin, has there been such a ridiculous political pilgrimages as the mission of Ed Miliband – the heir of Keir Hardie for heavens sake – to seek economic guidance from Russell Brand.”

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