New Labour on verge of bankruptcy

[DimPrawn]

http://www.guardian.co.uk/politics/2008/may/29/labour

Senior officials in the Labour party, including Gordon Brown, could become personally liable for millions of pounds in debt unless new donors can be found within weeks, the Guardian has learned.

The party has five weeks to find £7.45m to pay off loans to banks and wealthy donors recruited by Lord Levy, Tony Blair's former chief fundraiser, or become insolvent. A further £6.2m will have to be repaid by Christmas - making £13.65m in all. The sum amounts to two-thirds of the party's annual income from donations.

The figures are a conservative estimate as they do not include interest that will also have to be paid. A Labour source said that although the total debt was listed as £17.8m on the Electoral Commission website, the true level, with interest, was nearer to £24m.




So, not only morally and intellectually bankrupt, but financially too.

[miffy]

The party has five weeks to find £7.45m to pay off loans to banks and wealthy donors recruited by Lord Levy, Tony Blair's former chief fundraiser, or become insolvent.

No pressure then!

Doomed! Would an IVA help?

[ThomasSoerensen]

can't they just raise taxes to solve it?

[ThomasSoerensen]

This is why they call me the problem solver

[BoredBloke]

That's why they want us to fund political parties out of taxation.

[Moscow Mule]

That's why they want us to fund political parties out of taxation.

There's a great Plan B. The MM Party for absconding with publics funds is now open. Put yourselves forward at the next elections...

[Chantho]

http://www.guardian.co.uk/politics/2008/may/29/labour

The figures are a conservative estimate

So how different would a Labour estimate be?

[HairyArsedBloke]

So how different would a Labour estimate be?

They would be in surplus by the largest amount ever.


The truth is that it probably would be if they declared all the hidden ‘loans’ etc. They have hidden most of it in offshore accounts. Even the corrupt EU think Russia is more trustworthy than British overseas banking as a result of New Labours fiddles.

[zathras]

http://www.guardian.co.uk/politics/2008/may/29/labour

Senior officials in the Labour party, including Gordon Brown, could become personally liable for millions of pounds in debt unless new donors can be found within weeks, the Guardian has learned.

The party has five weeks to find £7.45m to pay off loans to banks and wealthy donors recruited by Lord Levy, Tony Blair's former chief fundraiser, or become insolvent. A further £6.2m will have to be repaid by Christmas - making £13.65m in all. The sum amounts to two-thirds of the party's annual income from donations.

The figures are a conservative estimate as they do not include interest that will also have to be paid. A Labour source said that although the total debt was listed as £17.8m on the Electoral Commission website, the true level, with interest, was nearer to £24m.

So, not only morally and intellectually bankrupt, but financially too.

Well that is one way of getting rid of a new labour government - if GB and his cronies are found liable and are unable to pay that debt of then they themselves become bankrupt and an undischarged bankrupt cannot be an MP (As happened to Jeffrey Archer but then he went on to write a book called Not a Penny More, not a Penny less and then made a fortune out of the experience)

[The Lone Gunman]

I so wish this would happen.
It would be hilarious watching those prudent chaps who have performed an economic miracle with the country explaining that one.