Labour Party almost Bankrupt

[Jordy]

John Prescott, who is campaigning to be elected Labour treasurer, issues a stark warning on the state of the party's finances in today's Guardian:

The Labour party stands on the verge of bankruptcy. We are more than £20m in debt, facing a long-term decline in membership and a crisis in funding.
We are only kept alive by the Herculean work of party staff and volunteers, trade union contributions, high value donations and the goodwill of the Co-op bank.

This isn't first time that Labour has faced a cash crisis in recent years and before the election David Blunkett memorably admitted: "we are trying to be careful so we don't end up bankrupt after the election if this all goes pear-shaped."

Prescott also takes a sideswipe at Gordon Brown over the huge cost of the "election that never was": "[T]he so-called "election that never was", in 2007, cost the party £1.5m in preparation costs which could have been spent on funding the disastrous 2009 European and local elections, for which Labour ran no real campaign."

It'll be worth watching to see whether the parlous state of the party's finances boosts David Miliband's argument that Labour needs a leader who can attract cash-rich donors. Since the beginning of the campaign he's raised well over £300,000 but has sensibly chosen to contribute one-third of that total to a "fighting fund" for the party.

http://www.newstatesman.com/blogs/th...nkruptcy-party

Perhaps Labour should keep getting loans and borrow their way out of debt?

[Recursion]

http://www.newstatesman.com/blogs/th...nkruptcy-party

Perhaps Labour should keep getting loans and borrow their way out of debt?

I see what you did there.

I also like how Labour keep making comments on the Tory Dem coalition. 'bout time they ****** off.

[Apolva]

Labour annoy me, I wouldn't bee to upset to see them go.

Besides, if they bankrupt their own party, what will they do to the country?

[Fez]

In all honesty, I hope they disband.

[beth]

oh christ, this forum is full of conservative sympathisers. logs off now.

no but for real, my dad was part of the campaign for the labour candidate here in edgbaston, and i always knew this was coming. they've been completely broke for a long time, everything labour did during the election campaign was ran off donations. they have nothing left.

they couldn't even afford balloons. baha

[Jordy]

oh christ, this forum is full of conservative sympathisers. logs off now.

no but for real, my dad was part of the campaign for the labour candidate here in edgbaston, and i always knew this was coming. they've been completely broke for a long time, everything labour did during the election campaign was ran off donations. they have nothing left.

they couldn't even afford balloons. baha

I think a lot of it was run off loans. The story has picked up more momentum now; http://www.bbc.co.uk/news/uk-politics-11049538

David Miliband would be a strong choice for the next Labour leader if they want to sort out their financial issues, he's shown he can easily attract rich people to the party which it so badly needs.

Also; this forum is far from full of conservative sympathisers, there is infact very few, it's just the Labour supporters are [understandably] refraining from posting in this thread.

[MattFr]

I think the best path would be for someone to dissolve the Labour party. It's not like anyone would miss them!

[jam666]

oh christ, this forum is full of conservative sympathisers. logs off now.

no but for real, my dad was part of the campaign for the labour candidate here in edgbaston, and i always knew this was coming. they've been completely broke for a long time, everything labour did during the election campaign was ran off donations. they have nothing left.

they couldn't even afford balloons. baha

To be frank its a good thing. It shows people that they cant financially manage themselves never mind the country. However as for this forum full of conservatives?... I have to laugh as there is approximately 3 conservatives that are active in this forum, as everyone else is either labour or has jumped on the lib-dem band wagon

[-:Undertaker:-]

I heard a while back as i've discussed with Jordy that the Conservative Party and Labour Party were both in debt along with the Liberal Democrats (but to a lesser extent). The situation as it stands from what i've read around and so forth are;

Parties that appear to be in the green; The Conservative Party, UKIP, the Liberal Democrats.
Parties that appear to be in the red; The Labour Party, BNP.

oh christ, this forum is full of conservative sympathisers. logs off now.

no but for real, my dad was part of the campaign for the labour candidate here in edgbaston, and i always knew this was coming. they've been completely broke for a long time, everything labour did during the election campaign was ran off donations. they have nothing left.

they couldn't even afford balloons. baha

Well I can't understand such dislike to the Conservative Party, they are identical to the Labour Party in almost every single way.

[Jordy]

Well I can't understand such dislike to the Conservative Party, they are identical to the Labour Party in almost every single way.

They have entirely different views on the Economy which is the main thing for a government. I'm getting tired of hearing such nonsense.