Labour’s Credit Crunch

The FT this morning reports that the Labour Party can’t pay back loans made to the party under the Blair / Levy Loans for Lordships scheme. The party

is in emergency talks to renegotiate more than £10m of loans from wealthy businessmen to prevent itself running out of money.

Most of the millionaires who secretly lent money to Labour in the run-up to the 2005 election ought to be repaid in the coming months but the party – which is £20m in the red – is in no position to do this.

The rolling re-scheduling has been going on for three years, unless a billionaire steps in the party will never be in a position to re-pay the £20m or so it owes. Lakshmi Mittal has given over £5 million, Sainsbury has given some £15 million (more than Ashcroft has given the Tories). You have to ask why, if they can’t manage their own party finances, should they be trusted with the national finances? Labour is a sub-prime credit risk, led by a sub-priminister…




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

Quote of the Day

Theresa May tells Bercow:

“Mr Speaker-elect, can I congratulate you on your re-election. At least someone got a landslide.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Corbyn Refuses to Bow to The Queen Corbyn Refuses to Bow to The Queen
McDonnell Repeatedly Backed Far Left ‘Day of Rage’ Group McDonnell Repeatedly Backed Far Left ‘Day of Rage’ Group
“Soft” and “Hard” Brexit Terms Obsolete “Soft” and “Hard” Brexit Terms Obsolete
Hammond’s “Sound Money” Speech Sadly All Spin Hammond’s “Sound Money” Speech Sadly All Spin
Tommy Robinson Called British Muslims “Enemy Combatants” Tommy Robinson Called British Muslims “Enemy Combatants”
Corbyn Praised at London Hezbollah Rally Corbyn Praised at London Hezbollah Rally
Government Understaffed – Key SpAd Vacancies Up for Grabs Government Understaffed – Key SpAd Vacancies Up for Grabs
Sunday Shows Sunday Shows
Clive Lewis: “Burn Neoliberalism” Clive Lewis: “Burn Neoliberalism”
Corbynista Ultras Involved in Storming Kensington Council Corbynista Ultras Involved in Storming Kensington Council
CCHQ Already Preparing for Next Election CCHQ Already Preparing for Next Election
CCHQ Diverted Resources from ‘Safe Seats’ Tories Lost CCHQ Diverted Resources from ‘Safe Seats’ Tories Lost
Constituent Claims New Labour MP Called Her “Ugly B*tch” Constituent Claims New Labour MP Called Her “Ugly B*tch”
Corbyn vs Blair Corbyn vs Blair
How to Speak Like a Corbynista How to Speak Like a Corbynista
Told You So: 16 Times Guido Was May-Sceptic Told You So: 16 Times Guido Was May-Sceptic
10 Times Owen Jones Betrayed Jeremy Corbyn 10 Times Owen Jones Betrayed Jeremy Corbyn
Queen’s Speech Day of Chaos Queen’s Speech Day of Chaos
Every MP Who Lost Their Seat Every MP Who Lost Their Seat