Thursday, May 8, 2008
Labour seeks emergency BOE funding with period of temporary public ownership inevitable
The Labour Party are facing a financial crisis as they make a desperate bid to put off £10million in loan repayments. The party are running out of money and are £20million in debt as they struggle to pay back loans made by wealthy businessmen in the run-up to the 2005 election. The money was due to be given back to the dozen millionaires, who bankrolled Labour with secret loans, over the next few months, but the party coffers have run dry.