Friday, August 20, 2010
Is the Labour party bust?
John Prescott, who is standing for Treasurer of the Labour Party, writes in yesterday's Guardian that the Labour party stands on the verge of bankruptcy. They are more than £20m in debt, facing a long-term decline in membership and a crisis in funding.
This is quite a contrast to the constant crowing on twitter by a number of Labour apparatchiks, including Lord Prescott himself, about the flood of members coming to their party since the formation of the coalition government.
The former Deputy Prime Minister states that Labour is 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:
More significantly, he says that under the NEC's deficit reduction plan in 2008, Labour will clear their debts by 2016, but at the expense of campaigning for next year's Scottish, Welsh and local elections and the 2015 general election.
We will see.
This is quite a contrast to the constant crowing on twitter by a number of Labour apparatchiks, including Lord Prescott himself, about the flood of members coming to their party since the formation of the coalition government.
The former Deputy Prime Minister states that Labour is 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:
More significantly, he says that under the NEC's deficit reduction plan in 2008, Labour will clear their debts by 2016, but at the expense of campaigning for next year's Scottish, Welsh and local elections and the 2015 general election.
We will see.
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