Saturday, May 17, 2008

Labour on verge of bankruptcy

The Labour Party is on the verge of insolvency after a collapse in donations so acute that it is struggling to pay staff.

The funding crisis has raised fears that auditors will be unable to sign off party accounts next month because of Labour's £21 million debt.

A series of controversies over donations, involving police investigations, and Gordon Brown's slump in the opinion polls, has driven away potential financial backers and members. The number of paid-up Labour Party members has fallen from 400,000 in 1997 to fewer than 200,000

Only the trade unions, which have almost quadrupled their support in the past six months, are saving the party from being declared effectively bankrupt.

The only good thing about a possible recession is that the Labour party will go under. There will be fewer workers so less people paying into the unions which will mean less money for the unions to squander on Labour.

I hope there isn’t a recession but the sooner the Labour party go bankrupt the better for the country. They have been an utter disaster for the country and everyone knows that which is why they losing out on donations. People don’t want them to survive and it looks like they won’t.

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