The balance sheet is deepest red
James Forsyth 3:42pm
Today’s Observer has an update on the state of the Labour party’s finances, as Peter Oborne reported back at the end of May there is a real chance that the Labour party might actually go bankrupt. Gaby Hinsliff reports that this worst case scenario appears to have been avoided thanks to a substantial donation from Sir Ronnie Cohen and Lord Sainsbury agreeing to guarantee the salaries of various future staffers. However, the party remains heavily in debt.
Ray Collins, the new general secretary, has said that Labour cannot afford to recruit many new staff before the next set of European and local elections in 2009 or the general election. This is going to severely weaken Labour’s field operation, accentuating Gordon Brown’s political problems.
It remains to be seen whether the Unions are prepared to bail Labour out of its financial difficulties in exchange for a string of further policy concessions. But at the moment, it looks like Labour will be going into an election with both the political environment and the mechanics of campaigning against it.
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Beth
June 22nd, 2008 4:34pm Report this commentA man who can't keep his own party afloat should not be trusted with this nation's precious economy.
Susan Wade Weeks
June 22nd, 2008 5:48pm Report this commentThe Conservative Party will go into the next election with the huge advantage of thousands of unpaid volunteers driven by conviction and enthusiasm for the reforms this country desperately needs. Funds or no funds, the Labour Party will find it difficult to compete.
Alf Tupper
June 22nd, 2008 6:35pm Report this commentPerhaps this is the most fitting condition the Labour Party could find themselves in.
This way they can have first hand experience of what so many of their citizens are having to face.
Cynical Voters
June 22nd, 2008 7:52pm Report this commentWhy don't the PFI Profiteers make a donation to keep their Sugar Daddy afloat ?
salieri
June 22nd, 2008 7:55pm Report this commentWe feel your pain, Mr. Brown
Perplexed Perry
June 22nd, 2008 7:59pm Report this commentThe Eurocrazed-crats cannot, will not, let their man go down, for want of dosh. It’s all about democracy, - innit? The Beloved & Supreme Leader knows all about Democracy : as evidenced here in UK, he lives and breathes it.
Brussels will find a way to help. I cannot think what it might be, but they are clever people who will work hard for this. [What is a UK pro-EU-party finance problem compared to getting the Right Vote in Ireland, Holland, and France? Nothing.]
As will the Bruvvers and other Comrades, they have their own reasons.
Trumpeter Lanfried
June 22nd, 2008 9:46pm Report this commentPerhaps Bernie Ecclestone could help out? On certain conditions, of course.
mitch
June 22nd, 2008 9:56pm Report this commentSo what! perhaps they should keep doing the books until they get the answer they want.
Ann
June 22nd, 2008 10:06pm Report this commentI don't, Salieri (you may have said this sarcastically). I feel unashamed Schadenfreude. This utterly incompetent amateur should not have been allowed in charge of a whelk stall, never mind his party. As to even considering himself qualified to run the country ...
Nurmi
June 22nd, 2008 10:25pm Report this commentI have nothing to say. Just wanted to be in the same comment section as Alf Tupper...
john miller
June 22nd, 2008 10:41pm Report this commentLooking at this from the Third Way! This is the party in Government - £24M is not an awful lot of money to obtain carte blanche power over the UK, is it? What do we think that GB would sell to retain power - don't forget he could be made personally bankrupt
(unlikely, but technically feasable) and then being PM might be a tad difficult.
No, there is no question whether the Labour Party will be liquidated, rather the question is what will GB sell to the highest bidder...
Verity
June 23rd, 2008 12:00am Report this commentTrumpeter - Ha ha ha! Smoke gets in my eyes ...
Perry
June 23rd, 2008 8:38am Report this commentActually could now be a headline for UK plc after the protracted ministrations of Mz. Prudence, the Profligate Po-Faced Procrastinator of Noo-Lie-Bore.
Archie Wedderspoon
June 23rd, 2008 10:19am Report this commentIt couldn't happen to a nicer bunch of shits, but I fear it won't.
cuffleyburgers
June 23rd, 2008 1:09pm Report this commentThey have been intellectually bankrupt since G Brown engineered Frank Field's dismissal having dared to "think the unthinkable", and morally bankrupt since the dodgy dossiers - no surprise then that they should go on to a "full house".
Time a Royal flush (not much chance of a straight flush; a bent one perhaps).
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