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

Quote of the Day

Tim Farron is asked by GQ how he will be remembered:

“I won’t be. So there’s no point in worrying about how you’d like to be remembered at all.”

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

EU CABINET GUIDE: WHITTO MOVES UP, GOVE TORN EU CABINET GUIDE: WHITTO MOVES UP, GOVE TORN
PROTESTER CHUCKS DILDO AT MINISTER PROTESTER CHUCKS DILDO AT MINISTER
LEAVE 9 POINTS AHEAD SINCE DAVE’S DEAL LEAVE 9 POINTS AHEAD SINCE DAVE’S DEAL
VENEZUELA FORCED TO FLY IN PLANELOADS OF CASH VENEZUELA FORCED TO FLY IN PLANELOADS OF CASH
SILLY SAUSAGE: TORY MP’S COMMONS DOUBLE ENTENDRE SILLY SAUSAGE: TORY MP’S COMMONS DOUBLE ENTENDRE
SRAELI EX-AMBASSADOR ‘LATE NIGHT VISITS’ SCANDAL BREWING SRAELI EX-AMBASSADOR ‘LATE NIGHT VISITS’ SCANDAL BREWING
UKIP WARNS OF RISK OF TURKEY JOINING EU UKIP WARNS OF RISK OF TURKEY JOINING EU
HIGHEST-EARNING MP DIDN’T NOTICE £400,000 INCOME HIGHEST-EARNING MP DIDN’T NOTICE £400,000 INCOME
BORIS’ NEW BALDNESS-BATTLING BARNET BORIS’ NEW BALDNESS-BATTLING BARNET
GUIDO’S FASHION TIPS: GET THE GRASSROOTS OUT UNIFORM GUIDO’S FASHION TIPS: GET THE GRASSROOTS OUT UNIFORM
BORIS AND FARAGE PAN DAVE’S RED CARD BORIS AND FARAGE PAN DAVE’S RED CARD
WHEN CAMERON AND OSBORNE LAUGHED AT A ‘RED CARD’ WHEN CAMERON AND OSBORNE LAUGHED AT A ‘RED CARD’
SADIQ DUCKS CITY AIRPORT ROW SADIQ DUCKS CITY AIRPORT ROW
DIRE POST-DEAL PAPERS FOR PM DIRE POST-DEAL PAPERS FOR PM
FABBERS’ VOMIT-INDUCING EUROPHILES REVEALED FABBERS’ VOMIT-INDUCING EUROPHILES REVEALED
UNION BARON: “ALL THE TORIES ARE AN ABSOLUTE DISGRACE, THEY SHOULD BE TAKEN OUT AND SHOT” UNION BARON: “ALL THE TORIES ARE AN ABSOLUTE DISGRACE, THEY SHOULD BE TAKEN OUT AND SHOT”
STELLA THE ‘HASH SMOKING MOROCCAN TOURIST’ STELLA THE ‘HASH SMOKING MOROCCAN TOURIST’
CORBYN BROTHER’S BIZARRE RESPONSE TO DEATH OF MAN AND 4 YEAR OLD SON: “LOL” CORBYN BROTHER’S BIZARRE RESPONSE TO DEATH OF MAN AND 4 YEAR OLD SON: “LOL”
BORIS: DAVE’S DEAL NOT GOOD ENOUGH BORIS: DAVE’S DEAL NOT GOOD ENOUGH
9 SPECIFIC DEMANDS DAVE WANTED FROM BRUSSELS 9 SPECIFIC DEMANDS DAVE WANTED FROM BRUSSELS
CRUZ TRUMPS THE DONALD IN IOWA CRUZ TRUMPS THE DONALD IN IOWA
Crowdfunding “Brexit the Movie” Crowdfunding “Brexit the Movie”
CORBYN SURGES AHEAD OF FOOT CORBYN SURGES AHEAD OF FOOT
HOW FRIENDS OF THE EARTH DODGE CHARITY REGULATIONS HOW FRIENDS OF THE EARTH DODGE CHARITY REGULATIONS
CORBYN AIDE: I THINK WE SHOULD SHOOT WOODCOCK CORBYN AIDE: I THINK WE SHOULD SHOOT WOODCOCK
TEQUILA SCAMMERS: LANSMAN’S LATE NIGHT SECRET ELECTION TEQUILA SCAMMERS: LANSMAN’S LATE NIGHT SECRET ELECTION
Comments & Readership Comments & Readership
MCDONNELL’S PARTIALLY PUBLISHED TAX RETURN MCDONNELL’S PARTIALLY PUBLISHED TAX RETURN
COCKNEY DONALD TRUMP COCKNEY DONALD TRUMP