April 24th, 2014

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…


53 Comments

  1. 1
    LB says:

    And more importantly, the Unity bank is smaller.

    Are they breaking banking regulations by taking on a large loan to just one dodgy customer?

    As a bank you have to be diversified.

    Like

    • 7
      Ed Moribund says:

      We are diversified. Every Labour, onenashion, MP and every, onenashion, Labour councillor or onenashion, activist says onenashion, at least onenashion time in every sentence they utter. Onenashion.

      How much more diversified could we be?
      Onenashion.

      Like

    • 30
      Nick not dead 'int' Watter Clegg. says:

      These Labour Johnnies are a bit naughty aren’t they!

      Like

      • 33
        Danny 'The faithful,trustworthy, ginger cunt' Alexander says:

        I’m keeping my distance from you Nicky old ‘Dead in’t’ watter Clegg

        Like

        • 51
          broderick crawford says:

          Not quite with this one Gweeds .

          If Unity Trust are controlled by Co op and Labour just switch 1.2 mill i e half of their debt to Unity and leave the balance at the Co op WTF is the point of the exercise ?

          The broth is in two different soup plates but comes from the same cauldron !

          Seems like aload of paper shuffling for nothing to me .Or in other words the same old Labour SNAFU.

          Like

          • thostids says:

            I suspect the thinking is that when the Co-op gets broken up, the Unity Trust including assets, bad and dodgy debts etc can be shuffled off and out of the spot-light so that the “trebles all ’round” can go on flowing. I can’t see the bunch of American financiers that have the majority share in the sinking ship will have the least sympathy for a load of “Left Luggage”, hangers on and dead-beats that appointed the Crystal Methodist who didn’t know his banking arse from t’elbow. If the same team can keep their grip on the same Board members as before, the very same Reverend gentleman is presently looking for a job and might be up for it, as well as the rent-boys.

            Like

    • 32
      wild man fischer says:

      lets go Merry Go Round

      Like

  2. 2
    Everyone says:

    Got a link to the UKIP girl photos?

    Like

    • 5
      • 6
        Mornington Crescent says:

        Gutter stuff from a gutter paper (and I don’t mean the DT).

        I wonder if the press would crucify her if she was gay?

        Like

        • 14
          jgm2 says:

          Reading The Telegraph report it suggests that even The Sun didn’t reproduce the photos because they were ‘too graphic’.

          She is gorgeous though.

          Like

        • 21
          Stooge Alert says:

          Hilarious. She says she’s voting UKIP… but that’s because she’s on their payroll. This like those fake “Ed Miliband meets the public in a market town” photo ops where three quarters of the crowd are Labour staff and union stooges.

          What next, Frau Farage saying “I vill vote UKIP because I’m on the payröll too”

          Like

          • Mornington Crescent says:

            Wrong.

            The press have decided that she claimed on the poster she’s “an ordinary voter”. Where? Answer: nowhere. Complete and utter fiction from the media.

            She’s entitled to vote like anyone else.

            And besides, I would…

            Like

          • C O (Ξ7q1) says:

            Common sense dictates that a UKIP staffer is more likely to vote UKIP.

            It would be more strange if a party staffer did not vote for the party they chose to work for.

            Your point about the lack of poster claims in this regard is much more relevant to this ‘story': The public have perhaps figured out that as far as MSM is concerned, UKIP are damned if they do and damned if they do not.

            Methinks the general public are less likely now to be influenced by the MSM and regard it as more an irritation than authoritative source on quite a few issues, particular those relating to Europe, Energy policy and politics.

            Like

          • tarte l'oreal says:

            its because i’m worth it

            Like

          • broderick crawford says:

            Has any body seen Frau Farage ?

            Is she in fact Angela Merkel ?

            Like

    • 27
      Axe The Telly Tax & Religion & Kill All Eco-loons says:

      No, but there are plenty of links on google to the Scarlett Johansson nude scenes in the UK sci-fi film ‘Under The Skin’.

      I can’t wait for the blu-ray to come out :-)

      Like

  3. 3
    Genghiz the kahn says:

    Whatever happened to Ed’s ethical banking model. It went tits up, got fucked and went bust.

    photo/1

    Like

    • 8
      JH-21334578745 says:

      By ‘ehtical’ I think they mean ‘People who talk loudly about being ethical as cover – both to others and their conscience – as they stuff their pockets with as much unearned other-people’s-money as possible’.

      They know fucking well this little waltz can’t go on much longer, and when the music stops they want to be near the door with fat pockets.

      Like

    • 19
      jgm2 says:

      Because the Co-Op bank is now owned by hedge funds and it only needs one of them to have previously worked for any of the major banks and recall how Labour hung them (the UK banks) out to dry in an attempt to cover up their own catastrophic handling of the UK economy and decide to take their revenge by calling in Labour’s loan.

      Like

  4. 4
    Ed 'fliperty' Balls says:

    I am fiscally challenged

    Like

  5. 9
    Owen's Elementary Maths teacher says:

    Yet again Gheedough displays the universal incompetence journoes have when those strange county-symbols occur.
    £42,404.93 would be the average amount spent on salaries, not the average salaries. Has gheedough forgotten that employers have to pay their own PAYE
    (12.8%?)

    Like

    • 11
      Owen's Elementary Maths teacher says:

      And of course average is not median. I expect a few friends and kids of those in power get large amounts and the plebs get their bus ticket home and a dream of one day being allowed to trough at the table.
      I wonder whether Axelrod and otrhers are paid out of this money, or whether they have sponsors (unions etc)

      Like

      • 15
        Axel Foley says:

        Just to be clear. When people mention Labour’s spin doctor, Axelrod, its nothing to do with me.

        Like

    • 17
      Will says:

      That’s correct with employers national insurance and other payroll costs, but even with say a third as payroll costs it would still mean that the average salary is circa £30,000 more than the average wage in this country.

      A better comparator would be to compare the average staffing costs of lib dem and conservative parties to see who is more expensive per staff member.

      Like

  6. 10
    Nick the Griffon says:

    Thatcher was a commie.

    Like

  7. 12
    Norman Normal says:

    So tell me again why I should trust Labour on the economy when they don’t appear capable of managing their own finances?

    Like

    • 43
      M says:

      They don’t want an economy full stop because people may make money .

      In a socialist utopia it’s only the socialist elite who have the high minded intellect to be able shoulder the heavy moral burdon of wealth , freeing the masses from such worries to wonder in their mud huts about what it would be like to take a crap on heated gold plates toilet seat like the elite .
      These notions have led the masses to coin endearing phrases such as thieving socialists

      Like

  8. 16
    "Serpico" says:

    Labour, debt and a bank jointly controlled by the Co-op and unions. What can go wrong?

    Like

  9. 18
    wengi wonga says:

    Here comes the bride. And another one. And another one! Meet world’s first married lesbian threesome… and baby will make four in July

    Read more: http://www.dailymail.co.uk/femail/article-2611020/Meet-worlds-married-lesbian-threesome-baby-make-four-July.html#ixzz2zhqXUmWK
    Follow us: @MailOnline on Twitter | DailyMail on Facebook

    Like

  10. 22
    Ed Sillyband says:

    The Co-op is the future of banking, isn’t that right Reverend Flowers?

    Like

  11. 25
    Old Blue Eyes says:

    No surprises here. Labour manage their party finances just as they have the country’s. Deep into the red. It is the same wherever you go. I live in a district that is so rock solid Labour that they would elect a cardboard cut out of Hitler so long as it had a red rosette attached. We used to have two Labour clubs but such was their fiscal management that they have both long since (way before the financial crisis) gone to the wall. However the Conservative club is still going strong.

    Like

    • 31
      Cor Blimey says:

      Strange that. I also live in a core Labour area yet the Labour club is non-existant now, and the Conservative Club quite prosperous, putting on decent beer and live acts on weekends.

      Like

    • 36
      Axe The Telly Tax & Religion & Kill All Eco-loons says:

      Probably due to the smoking ban.

      Liebore’s own policy backfires causing the closure of their own clubs :-)

      Like

  12. 37
    Genghiz the kahn says:

    photo/1

    Like

    • 41
      Axe The Telly Tax & Religion & Kill All Eco-loons says:

      Liebore also don’t want to know their fellow socialist across the channel after saying France was the model for Europe and the UK to be following.

      Why the u-turn :-)

      Like

  13. 38
    Application for the position of Labour Party Treasurer says:

    “Sloth loves Chunk”

    Like

  14. 39
    Crap with money, too says:

    Another Labour failure – a failed socialist bank.

    It all started in Rochdale.

    Like

    • 49
      One of the ZanuLieLabor Oligarch says:

      Thats correct Rochdale, Worcester County, Massachusetts.

      We keep repeating time & time again these banking problems started in the USA

      & it was only OUR Great Leader Gordon Brown who not only saved us here in

      this minor province of the glorious EUSSR to whom we bowel heads & willingly pay

      Brussels the small sum of £55 Million pounds a day & had we still been (mis)running

      our country it would have been much more, our Great Leader Gordon Brown also

      saved the Universe as well for which we are eternally grateful !!

      Like

  15. 42
    catesby says:

    Labour is an incredibly corrupt party.

    Like

  16. 44
    Sue Doughty says:

    I thought the co-op is now mostly owned by an group of Americans so could this really be true?

    Like

  17. 45
    frank says:

    How does a political party get so far into debt anyway? Apart from PIEs, posters and lots of stamps for the magic postal votes where on Earth does all that money go to?

    Like

  18. 46
    Greychatter says:

    Where your money goes?

    Co-op new Manchester offices – £100 million

    http://www.manchestereveningnews.co.uk/business/property/co-ops-headquarters-declared-greenest-building-6301000

    New Rochdale Council offices (Labour Council) worth half it cost to build.

    http://www.manchestereveningnews.co.uk/news/local-news/new-rochdale-council-hq-worth-5848475

    Still its only someone elses money.

    Like


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Owen Jones says:

We also need Zil lanes.


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