Thursday, May 8, 2008

Labour seeks emergency BOE funding with period of temporary public ownership inevitable

In the red Labour in emergency talks to extend £10million loans

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.

Posted by jack c @ 02:16 PM (1718 views)
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23 thoughts on “Labour seeks emergency BOE funding with period of temporary public ownership inevitable

  • Get it from the members via a rights issue! Or maybe rename it the ‘NewLabour Bank’ and bail it out. Maybe it could be nationalised.

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  • cornishman says:

    says it all really, doesn’t it? The party in power for ten of the ‘best’ years this country is supposed to ever have had, is scrabbling around because it has borrowed itself to the max and doesn’t know where to turn next…

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  • Ha ha. Madness. People are in debt up to their eyeballs. We have the largest gvt deficit on record. Even the ruling party have debt pouring out of every orifice. The lunatics have well and truly taken over the asylum…

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  • “Labour are now holding talks with their lenders to stagger repayments over the next nine years” – if this went before the Treasury Select Committee they might once again (as with Northern Rock) suggest they were operating a “reckless business model”

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  • mark wadsworth says:

    Unfortunately, they can still help themselves to over half of the £350 million of taxpayers’ money that finds its way into the parties’ pockets or is spent on party propaganda each year, so we can’t write them off quite yet.

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  • I think the Tories should buy into the rights issues so that we can adopt the bipartite yank system

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  • Obviously these loans probably weren’t meant to be repaid at all (until they got caught out)…

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  • cornishman says:

    – did they borrow all that money knowing that they couldn’t hope to pay it back on time with the hope that they would have managed to get the tax-payer to fund them by now – and it’s all gone pear shaped on them?

    I wonder if Blair and his new financial mates are stitching Brown up, behind the scenes?

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  • Charlie Brooker says:

    So they’re going to bankrupt themselves having bankrupted the country? Now that’s what I call poetic justice!

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  • mark wadsworth says:

    The rights issue is a great idea, I think it works out at about £100 per member, I am sure that they will be happy to stump up the cash to repay these frustrated millionaires.

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  • Nopensionnohouse says:

    Or better still they could divide the debt up into paper backed securities and sell them on the open market to raise the cash.

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  • Karma at work.

    At least they will start to appreciate how a lot of other people feel, with overstretched finances.

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  • Landedgentry says:

    Couldn’t they go and borrow millions from Ocean Finance? the customers always look very happy.

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  • If the ship hadn’t been sinking the rats would have stayed on board.

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  • The Lenders should immediately call for their money back as this lot are incapable of Financial Prudence, as they like to keep prattling on about every five minutes. Then a call for a vote of No Confidence should be made. Then the Tower should be reopened to house them while they await trial for Treason……………..
    Sorry! Just woke up from a dream. Back to the nightmare I suppose.

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  • last_days_of_disco says:

    These bozos are intent on making the Tories look good.

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  • if you haven’t already done so have a laugh with this

    http://www.channel4.com/more4/drama/t/trial_tony/index.html

    29 Jan 2007
    From Christopher Luke
    Absolutely brilliant. Superbly clever, funny and beautifully close to the bone. Left me laughing and cringing in equal measure. Robert Lindsay led a well selected and talented cast. I was enthrawled from start to finish. Can we have some more in the same vein?

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  • Cstanhope707 says:

    I’m going to do my bit I will send a cheque to my local Labour Branch for 1p and I suggest everyone else does the same. It will cost them a fortune just to dispose of the useless cheques and it is perfectly legal they have the option to cash it of throw it away.

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  • Oh great! If the Labour party cannot manage their own finances then what hope for running an economy.

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  • I think we need to be a bit more positive here. Give praise where it is due….

    At least our ex-Chancellor has been consistent!

    The country, under Gordo, hasn’t saved any cash from those “years of continuous growth” and neither has New Labour!

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  • Orcusmaximus says:

    There’s a good reason for all the donors demanding their money back.

    If you make the assumption that the main reason no charges were made in the ‘cash for honors’ scandal was that the party in question was the party in power, then a reasonable corollary would be that the investigation would be reopened once Labour were out of power. Once that occurred, the best defense against your ‘loan’ being taken as a ‘gift’ is that it has been returned!

    Therefore, the donors need to demand their money back to ensure they don’t get sent to prison.

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  • 19. denzil said…
    Oh great! If the Labour party cannot manage their own finances then what hope for running an economy.

    and why should Joe and Mary Bloggs?

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