Labour Borrow Way Out of Financial Crisis, Again

Guido has reported with interest on the internal restructuring going on over at Labour HQ during the last few months. Two weeks ago the party finalised their austerity programme, hoping that a spate of voluntary redundancies and structural reform would rake in significant efficiency savings. They need to – Labour overspends by £1.7 million each year.

Guido has pointed out the hypocrisy of advocating increased public sector borrowing to tackle the economy’s woes while making cuts within the party, but now it seems Labour’s money men might be toeing the same line as the Shadow Chancellor. The latest figures show that Labour has almost £10,000,000 worth of loans outstanding and, while cuts had apparently been seen as the order of the day, they have taken out new loans worth £7,300 in the second quarter of 2012:

Some things never change…


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