Friday, May 09, 2008

Are they lining up the men in white coats?

It's been known for some time that the Labour Party are bordering on bankruptcy as the Daily Mail reported yesterday. According to the Mail Labour are,
"facing a financial crisis as they make a desperate bid to put off £10million in loan repayments. The party are running out of money and are £20million in debt as they struggle to pay back loans made by wealthy businessmen in the run-up to the 2005 election."
Tribune goes even further suggesting bankruptcy is a very real possibility as there are fears that will refuse to sign off the books later this month and "declare the party insolvent" instead.

I mention this simply because yesterday a motion was also tabled by the Labour MP for Stroud, David Drew that states,
That this House congratulates Mind on its report, In the Red, which explores the links between debt, poverty and mental ill health; calls on the Office of Fair Trading, relevant government departments, the Equality and Human Rights Commission, statutory agencies using bailiffs, banks, creditors, energy and water companies, primary care trusts, local health boards and others to consider carefully the report's recommendations; commends the Financial Services Authority for supporting Mind's work to help people with mental health problems and debt to take control of their finances; and wishes Mind every success in developing its programme of financial capability workshops and website information and advice service.
They're not concerned for their own sanity and Gordon's are they? There is talk that Gordon is cracking up after all, perhaps there is a fear that a look at the accounts will push him over the edge so its best to praise Mind now so that they can get a good deal when the straightjacket arrives?

3 comments:

Tom FD said...

Gordon is acting treasurer of the Labour Party is he not? So isn't he therefore liable if it does indeed go bankrupt?

gosub said...

I think the poor state of party finances influenced both the EU referendum and the non election decisions, and election speculation probably only kept going for as long as it did due to Ed Balls et al's "So what!" attitude to money. Would be interesting to know the state of SNP's finances given the farce Wendy Alexander is causing.

They really did miss at trick when they rammed through EU Commssioner Byrne's smoking ban. If they had exempted private clubs not only would they have not so infuriated millions of smokers but they would have had increased membership, attendence and turnover in constituency clubs.

J Bonington Jagworth said...

"£10million in loan repayments"

Ah yes, the loans that weren't meant to be repayable at all! There must be a lot of flapping and clucking in Downing St, what with all those chickens returning to the roost...