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Labour Party Seeks To Cut Links With Co-Op Bank

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http://www.bbc.co.uk/news/business-27137762

The Labour Party is looking to sever its links with the troubled Co-op Bank, bringing to an end one of the oldest political partnerships in UK.

The BBC has learned that Ian McNicoll, Labour's general secretary, is looking to move loans worth more than £1m to the trade union-owned Unity Trust Bank.

The move comes after a year of controversy at the bank.

It included the resignation of its chairman Paul Flowers who is now facing charges for drugs possession.

Sources at the Labour Party and the bank have told the BBC's business editor, Kamal Ahmed, that negotiations have begun to move a £1.2m loan Labour has with the Co-op Bank to the Unity Trust Bank, and that once the loan has been moved Labour would move all its current account facilities to the same bank.

Although Labour insisted the move was for commercial reasons, senior sources say that the last year of controversy have strained relations.

It is also understood that the bank, now 70% owned by American investors, wants to become "apolitical".

The bank probably also wants it's money back. The loan to Labour is probably a permanant one.

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I am not 100% sure, but don't Labour owe this bank a wedge of money ?

Can someone/a business with a massive over-draft/debt easily move banks ?

Edited by TheCountOfNowhere

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You mean the Co-op are going to sever their corrosive links with Labour and the PR gurus decided to get in first and spin it the other way?

(Note to self: I've watched too much TV in my life)

We've all become so cynical.

:lol::lol::lol:

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I am not 100% sure, but don't Labour owe this bank a wedge of money ?

Can someone/a business with a massive over-draft/debt easily move banks ?

debt is what they trade...the bigger the debt the more they earn.

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I am not 100% sure, but don't Labour owe this bank a wedge of money ?

Can someone/a business with a massive over-draft/debt easily move banks ?

And the Lib Dems owe money too!

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I am not 100% sure, but don't Labour owe this bank a wedge of money ?

Loadsamoney, yes.

It was getting on for 20m at one time. Blair spent an absolute fortune on the 2005 election. There were some unkind boring people on the net who went through all the receipts and excesses . . . although I think only Cherie's hair-dos made the tabloids. Prescott's battlebus was a quarter of a million . . .

I lost track of that story moving abroad . . . but I seem to remember Co-op transferring much of that to a subsidiary.

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Loadsamoney, yes.

It was getting on for 20m at one time. Blair spent an absolute fortune on the 2005 election. There were some unkind boring people on the net who went through all the receipts and excesses . . . although I think only Cherie's hair-dos made the tabloids. Prescott's battlebus was a quarter of a million . . .

I lost track of that story moving abroad . . . but I seem to remember Co-op transferring much of that to a subsidiary.

The bus was 10K. The food though ....

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I am not 100% sure, but don't Labour owe this bank a wedge of money ?

article_update_e16c1aab828922e6_13720924 best of luck for the co op getting it back

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Loadsamoney, yes.

It was getting on for 20m at one time. Blair spent an absolute fortune on the 2005 election. There were some unkind boring people on the net who went through all the receipts and excesses . . . although I think only Cherie's hair-dos made the tabloids. Prescott's battlebus was a quarter of a million . . .

I lost track of that story moving abroad . . . but I seem to remember Co-op transferring much of that to a subsidiary.

Apparently now down to £4.5 million according to the BBC

http://www.bbc.co.uk/news/business-27137762

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