Labour’s New Bank Controlled By Co-OpPay 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

Quote of the Day

Recently unresigned Sarah Champion on Corbyn:

“Jeremys [sic] position is no longer tenable if we’re to be effective”

Guidogram: Sign up

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

Facebook

LILY COLE FRONTS BBC “CEO SECRETS” SERIES AFTER RUNNING COMPANY INTO GROUND LILY COLE FRONTS BBC “CEO SECRETS” SERIES AFTER RUNNING COMPANY INTO GROUND
Guardian Media Group’s Losses Total £173 Million Guardian Media Group’s Losses Total £173 Million
MCGINN WHIPPED LABOUR MPS TO “KEEP UP THE PRESSURE ON JC” MCGINN WHIPPED LABOUR MPS TO “KEEP UP THE PRESSURE ON JC”
VICTORIA’S SECRET LINGERIE AND 5 STAR HOTELS: WELSH GOVT’S £7.5 MILLION CREDIT CARD SPEND VICTORIA’S SECRET LINGERIE AND 5 STAR HOTELS: WELSH GOVT’S £7.5 MILLION CREDIT CARD SPEND
OWEN SMITH HIRES TOP PFIZER LOBBYIST TO RUN CAMPAIGN OWEN SMITH HIRES TOP PFIZER LOBBYIST TO RUN CAMPAIGN
HAMMOND FIBS AND SAUDI SLAVERY SLIPPED OUT ON DUMPING DAY HAMMOND FIBS AND SAUDI SLAVERY SLIPPED OUT ON DUMPING DAY
MATTHEW ELLIOTT ON WHY LEAVE WON MATTHEW ELLIOTT ON WHY LEAVE WON
OSBORNE GIVEN “SH*T” ROOM WITH NO VIEW OSBORNE GIVEN “SH*T” ROOM WITH NO VIEW
5,000,000 SIGNATURES: FEW POLICY CHANGES 5,000,000 SIGNATURES: FEW POLICY CHANGES
CORBYNISTAS USED CODE TO HIDE CASH-FOR-VOTES PLOT CORBYNISTAS USED CODE TO HIDE CASH-FOR-VOTES PLOT
First Lady Michelle Obama Carpool Karaoke First Lady Michelle Obama Carpool Karaoke
PMQ’s Sketch PMQ’s Sketch
How to Reach Westminster Politicians How to Reach Westminster Politicians
OWEN SMITH’S 999 EMERGENCY OWEN SMITH’S 999 EMERGENCY
MELANIA BORROWS FROM MICHELLE MELANIA BORROWS FROM MICHELLE
MAY: I WOULD PRESS NUCLEAR BUTTON MAY: I WOULD PRESS NUCLEAR BUTTON
New Uber Rival Tries to Get Unions Onside New Uber Rival Tries to Get Unions Onside
SMITH’S £200 BILION “NEW DEAL” PLEDGE BUSTED BY MCDONNELL SMITH’S £200 BILION “NEW DEAL” PLEDGE BUSTED BY MCDONNELL
CONGRATULATIONS MR AND MRS UMUNNA CONGRATULATIONS MR AND MRS UMUNNA
UKIP SEEKING TO TAKE ADVANTAGE OF “OILY” SMITH UKIP SEEKING TO TAKE ADVANTAGE OF “OILY” SMITH