Labour’s New Bank Controlled By Co-Op
Pay Cut Fears at Labour HQ

Iain McNicol’s sham plan to cut Labour’s ties to the Co-op by moving £1.2 million of debt to the Unity Trust bank doesn’t really cut any ties at all. As Faisal Islam reports, as a condition of the banking licence granted to Unity Trust the bank is “controlled” by… the Co-Op. This means the Co-Op appoints the Unity Trust chairman and has the right to appoint a majority of its board members, indeed the Co-Op’s risk and financial control directors sit on the Unity Trust board. They’re just rearranging the deckchairs…

Labour owes the Co-op group £2.4 million in outstanding loans and the Co-op last week declared £2.5 billion in losses, so that could be called in at any moment. Labour staffers are nervous about jobs and pay cuts, just when the HQ should be expanding in time for the election. When Labour nearly went bankrupt in 2006 it had to sack 200 staff but it still spent £12,043,000 per year on salaries for 284 party hands, meaning an average salary of £42,404.93. Meanwhile they’ve managed to stump up the six figure sum for Axelrod…



Tip offs: 0709 284 0531
team@Order-order.com

GuidoFawkes Quote of the Day

Sky News ask a “Labour representative” where the local St George’s Day events are. He replies:

“You’re better off asking the UKIP candidate” 

Top Posts This Week

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

What’s Claret and Blue? What’s Claret and Blue?
Media Idiocy Media Idiocy
Tom Baldwin Wrote Toxic Migrant Briefing Tom Baldwin Wrote Toxic Migrant Briefing
Ed Weaponises Dead Migrants Ed Weaponises Dead Migrants
Taking the P**s: ANDROID IN APPLE UROLAGNIA SHOCKER Taking the P**s: ANDROID IN APPLE UROLAGNIA SHOCKER
TELEGRAPH TELLING FRACKING PORKIES TELEGRAPH TELLING FRACKING PORKIES

ED MILIBAND IS READY ED MILIBAND IS READY
MILIBAND’S IDEOLOGICAL GURU IN PAY OF SAIF GADDAFI MILIBAND’S IDEOLOGICAL GURU IN PAY OF SAIF GADDAFI
PEAK #SEXYMILIBAND REACHED PEAK #SEXYMILIBAND REACHED
A Lifelong Labour Voter Speaks A Lifelong Labour Voter Speaks
NUS Conference Censor UKIP NUS Conference Censor UKIP
Plug Pulled on Labour Interview, Again! Plug Pulled on Labour Interview, Again!
Mrs Danczuk’s St Phwoarr-ge’s Day Message Mrs Danczuk’s St Phwoarr-ge’s Day Message
Lutfur Rahman Guilty of Bribery and Corruption Lutfur Rahman Guilty of Bribery and Corruption
Greens Want to “Keep Global Temperatrures Below 2 Degrees” Greens Want to “Keep Global Temperatrures Below 2 Degrees”
Newsnight Does Kim KarSturgeon Newsnight Does Kim KarSturgeon
MEET GAYZER FRACKMAN, THE ANTI-FRACKING FANBOY MEET GAYZER FRACKMAN, THE ANTI-FRACKING FANBOY
Nigel Farage v Evan Davis Nigel Farage v Evan Davis
Salmond: I’m Writing Labour’s Budget Salmond: I’m Writing Labour’s Budget