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

Wes Streeting speaking in the anti-Semitism debate says Jewish leaders

“will be horrified by the response of our frontbench to this debate today”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Adam Spliff Institute Celebrates 420 Adam Spliff Institute Celebrates 420
Nick Timothy Leaves Twitter Nick Timothy Leaves Twitter
Owen’s Descent Continues Owen’s Descent Continues
Producer of Labour’s Race Row Election Broadcast Tweeted About “Jewish Kapos” Producer of Labour’s Race Row Election Broadcast Tweeted About “Jewish Kapos”
UK Tech Investment Surges 115% UK Tech Investment Surges 115%
Corbyn Forgets Israel Independence Day Corbyn Forgets Israel Independence Day
Thornberry: I Don’t Accept Russia Blocked OPCW Inspectors Thornberry: I Don’t Accept Russia Blocked OPCW Inspectors
Convicted Charity Thief Canvassing for Labour Convicted Charity Thief Canvassing for Labour
Anti-Brexit Bias of Former Top Civil Servants Anti-Brexit Bias of Former Top Civil Servants
Labour Candidate Deletes Website and Twitter Account Amid Anti-Semitism Row Labour Candidate Deletes Website and Twitter Account Amid Anti-Semitism Row
Bully Bercow’s “Medicament” Slurs Bully Bercow’s “Medicament” Slurs
Government Loses Lords Customs Union Vote Government Loses Lords Customs Union Vote
Gallery Guido’s PMQs Sketch: Mission Accomplished Gallery Guido’s PMQs Sketch: Mission Accomplished
Labour Candidate’s Think Tank Defended Ken and Jackie Walker Labour Candidate’s Think Tank Defended Ken and Jackie Walker
May: Labour Took Decision on Windrush Landing Cards May: Labour Took Decision on Windrush Landing Cards
Owen Jones Calls Out Labour Nepotism Owen Jones Calls Out Labour Nepotism
Ruth Smeeth Reads Anti-Semitic Abuse from Corbynistas Ruth Smeeth Reads Anti-Semitic Abuse from Corbynistas
Three Billboards Protest Against Labour Anti-Semitism Three Billboards Protest Against Labour Anti-Semitism
Unemployment Rate Lowest Since 1975 Unemployment Rate Lowest Since 1975
Maitlis on Pointless Syria Vote Maitlis on Pointless Syria Vote