Labour's Credit Crunch
The FT this morning reports that the Labour Party can't pay back loans made to the party under the Blair / Levy Loans for Lordships scheme. The partyis in emergency talks to renegotiate more than £10m of loans from wealthy businessmen to prevent itself running out of money.The rolling re-scheduling has been going on for three years, unless a billionaire steps in the party will never be in a position to re-pay the £20m or so it owes. Lakshmi Mittal has given over £5 million, Sainsbury has given some £15 million (more than Ashcroft has given the Tories). You have to ask why, if they can't manage their own party finances, should they be trusted with the national finances? Labour is a sub-prime credit risk, led by a sub-priminister...Most of the millionaires who secretly lent money to Labour in the run-up to the 2005 election ought to be repaid in the coming months but the party – which is £20m in the red – is in no position to do this.
62 comments:
Its all going to end in tears. every labour chancellor runs out of money. but this guy is going to go down in flames.
The party will implode at some point in the next 2 years and will break up. scotland is lost, wales nearly lost and they wont get a sniff in england.
once the house repossessions start rolling in then we will have a full blown economic crisis with sterling falling off a cliff
Send in the liquidators.
Incidently-
What has happened to "Prudence"
Is she being looked after in these fraught and stressful times?
We need to know
A Concerned Voter
But if Labour can't pay back the "Loans" now, then why did they suppose they could when they accepted the loans?
The only conclusion is that all parties involved knew that these were not loans but were in fact payments for peerages, favours, clout etc.
Lakshmi Mittal has given over £5 million
Hold on, Mittal is not a British citizen even if he does live in the UK, and he is not an EU citizen either and is not entitled to vote, so surely he shouldn't be giving anything, or they shouldn't be accepting it?
This is a good news story - their own finances are the icing on the cake, but worse is to come. This is going to get a lot, lot worse for Brown and NuLabour, and he knows it. Let's see now....
There's the 10p issue.
They will lose Crewe and Nantwich.
He will losae the 42 day vote.
Fuel prices will soar.
More bogies will be eaten live on TV.
He will continue to "listen" but
do fuck all.
£450 to tax a family car.....
£1500 for ID cards for a family of 2 adults & 3 children.....
I don't see it. The poll tax riots will look like a tea party in comparison.
This guy's a dead man walking (well, maybe crawling).
Party implosion, nobody of substance will want to be involved with them. Nu-Labour is finished, the remnants will revert to (Stalinist) type and they will be consigned to oblivion, never to recover.
Good riddance to the pestilence that is Labour. String the bastards up from lamp-posts - I'll pay for the rope.
It couldn't happen to a nicer party.
Are Jack and Tamsin related?
Bancrupt for money, ideas, and credibility. The sub-prime minister should go and join the sub postmasters looking for a living.- AND FAST
So the man who answered the Question about illegal loans with :"I have no knowlegdge of those loans" is the man in charge of Party and Election Funding as poor old Jack Dromey, Harmans Lickspittle husband said it wasnt him and blew the Whistle (imminent jail perhaps) Political Vicki Pollards the pair of them, ah but no but Mr Mr Mrs (did you hear it at PMQ's definitely Mrs) Mr Mr Speaker...and then onto Tractor production lies and not even a poor take off of Frankie Howard Oh er! Masterly Inactivity is sometimes the best policy eh? Wear protective suits because the shit will explode all over the shop!
"Sainsbury has given some £15 million"
but where did he get that cash ?
it wasn't from the sale of shares in his family business as he says, there is no record of such a large sale of S'bury PLC shares at the time.
Maybe he got the money from this fellow he is always hanging about with...
http://www.lksf.org/eng/media/press/20020520.shtml
Pass me another Wun Tun Gordon ....
oooerrr
"You have to ask why, if they can't manage their own party finances, should they be trusted with the national finances?"
You have to ask why it's taken people 11 years to realise this.
The Daily Mail and The Sun sided with Brown throughout his chancellorship. They dubbed him 'prudent' and must take some of the responsibility for the fact that he was not properly brought to account. And what were the Tories doing while their natural supporters were being clobbered by stealth taxes and the country turned into a socialist state ?
This country has be wrecked by by useless government and equally useless opposition.
I agree with the anonymous one @ 8.41
If they were never going to be in a position to pay back these loans (ie currently £20m in the red), then surely that shows they were never really intended to be paid back...?
But it now means that all these great "socialists" have to go cap in hand more than ever to the rich & famous to bail them out... ha ha, fantastic!
Of course, I don't expect any of them to see the irony in this...
Any, any, any possibility Rockin Gordo could be made personally liable for NuLab debts?????
Guido, here's another one to add to the list of shame who, despite all the evidence to the contrary, are still trying to salvage Brown's reputation and tell us how wonderful he is really.:
Stephen Glover in today's Mail tells us how we've all got it wrong. Brown is a solid, lovely, caring guy but sadly misunderstand by us shallow voters who can't see what a diamond he is under his grim exterior. His boss Dacre must be delighted to see his hacks lauding his mate Brown. Lots of sly digs in there against Cameron and Boris too:
"That brings me to Gordon Brown. No one can doubt that he cares about ordinary people a lot. My guess is that he minds about the poor rather more than does Mr Cameron.......The Prime Minister does care, and wants us to know that he does....Mr Brown is a very old-fashioned politician - all substance and no style."
Pathetic, Glover, pathetic!!
http://www.dailymail.co.uk/pages/live/articles/columnists/dailymail.html?in_article_id=564663&in_page_id=1790
anon 9am
Is that Tamsin Dunwoody in the photo? She looks clearly anorexic to me.
Where are Dave Abrahams and Slick Mick Levy, when Labour needs their dosh........obviously Jon Mendelsohn is not up to the job.
If they're board knows they are insolvent then continuing is a criminal offence - I hope ....
They will just screw their competitors - go bankrupt - and start again with a large dollop of "the people's cash" via the Union Modernisation fund ...
You can just see it coming can't you. There will be all sorts of Zanulabourites on the box banging on about how state funding for parties will 'ensure' democracy. I am laying very short odds on that coming in in the next two years. The Tories had better seriously appose it or I will be very unhappy indeed.
Piss-ups and breweries come to mind - this Jockocracy of all the 'talents' (ha bloody ha) is totally f****d - the sooner they take the long road back to Jockland the bloody better! See you Gordo!
Dr Anon 9.25am. She looks nothing like her mother, whose funeral it is today, the anniversary of the founding of Israel. Gwyneth was President of Labour Friends of Israel. Jack Straw is Jewish of course anon 9.00am. I don't know about Tamsin being Jewish but they do look alike don't they.
There's a lot of space for sponsor logos on those grey suits and plenty of TV coverage.
If they need some help, they just have to give me a call - they'll know the number!!
And the Labour faithful still whinge and moan about Ashcroft, even though their last three elections have been funded by wealthy businessman. They really need to grow up.
Good payoff line again, Guido. Is it all your own work?
It's not that long since the Tory party was deeply in the red as the smart money departed.
When will politicos learn?
Would YOU make a sub-prime loan to nulab?
Why is everyone under the impression the tories will save the day? There as big a bunch of tossers as Labour. Electro Kevin got it bang on with his comment. They are all fucking useless, snouts in the trough bastards. Roll on the revolution.
@ lola (9.48AM)
I must agree with you once again, mate. You are bang on the money. They WILL use this as an excuse to push through state funding of political parties- and therefore close off funding to minority parties, too- the Greens, UKIP etc. Many people now vote for such parties instead of the Limp Dumbs as a protest against the LibLabCon- spiracy.
I find it ironic that the bastards currently in power have lectured the poor about why they should not depend on the state yet expect state funding for their lying, hypocritical organisations.
What a bunch of cnuts.
Didn't someone work out that if all their MP's chipped in 3 months salaries and perks, it would clear the debt - surely honerable members are ' liable down to their last pair of cufflinks' , or is that another institution ?
dr. Anon @9.25am
Very close to the mark! Someone in that pic isn't very well.
@ lunchtime o'buckie
re the amazing Glover article in the Mail. Polly Toynbee is not so silly even in the Guardian.
Suspicious that the postings on the article's blog are so consistently negative - weird that many bleat out Labour's "toff" sneer.
I suspect many of these posters were tipped off and orchestrated and that we are seeing a Labour sting.
And what is it about Dacre and Brown?
Wendy is now a "grown up"
http://www.thedailymash.co.uk/politics/politics-headlines/wendy-alexander-goes-to-toilet-by-herself-20080507931/
How about organising a group of good and true people who could "buy" out some of this "debt" from one of the "lenders". An offer of 50p in the £ ought to do it. Once that debt has been assigned to it's new "owners" they can then launch immediate legal proceedings for recovery. With a bit of luck they might even make a profit, and go on to repeat the cycle.
End result NuLab goes bankrupt, or gets into even tighter financial difficulties as it's scarce cash resources are used to pay off these financial claims!
The Mail does not appear to be accepting any more posts on its anti Cameron hatchet article by Stephen Glover this morning, having filled the blog with 66 posts nearly all totally negative and singing the Labour "toff" line.
I have tried to post twice already but so far with no luck.
Is there a deeper storyline going on here?
No wonder these CNUTS are agitating for state funding, they expect us to bail the shites out and keep em all in comfy jobs for life.
No wonder GIT The Prudent has been throwing his toys out of the pram.
A pox and plague of debt collectors on the lot of 'em.
Trust the Bank of England and FSA have looked at the FT article and called in the boys from Unity Bank to explain, along with major shareholder The Co-op Bank.
Another Northern Crock looming with a state bail-out and state party funding by the back door?????
Labour Govt gives unions £6m for training.
Unions give Labour Party £6m in donations.
Coincidence.
Perhaps the unions should enhance their training programmes: that should solve it.
@EK
It is generally accepted history that GB was prudent for the first 2 years in office. He just followed Ken Clarke's instructions which he found on a post-it not stuck inside the fridge.
Major and Clarke had taken some sensible steps after their hard econmic lesson in 1992, but unfortunately behaved like political idiots from 1993. Although they sorted out the money they systematically pissed-off umpteen individual sections of their own core voters. So they handed GB a good set of books and TB a gift of a political victory.
If GB had stuck to that post-it note and not tried to channel his dead father's economic spirit, he'd be unassailable now.
The Glover article has a Norwegian-style "nil comment" at the moment...?
"That brings me to Gordon Brown. No one can doubt that he cares about ordinary people a lot. My guess is that he minds about the poor rather more than does Mr Cameron.......The Prime Minister does care, and wants us to know that he does....Mr Brown is a very old-fashioned politician - all substance and no style." Steven Glover.
No mention here of the fact that Brown is the main instigator and maintainer of probably the most blatant act of racist and nationalist discrimination in modern history ie the awarding of a national parliament and government to Scotland as a nation but the deliberate denial of same to England and then a concerted policy of obliteration of England into "regions" just like Hitler did to Polan-
all done under the obfuscating cover of a continuing British government which supresses anything English.
Perhaps their permatanned mate at Picture can help them out, or is he in prison yet?
Not sure if it's been noticed yet but my liver knows but the Labour party has committed suicide over Jockland. I nailed my colours to the Tory mast when I was 5 but even I'll sing a lament if they go but for Labour to force the issue is a shooting offence. 3 cheers for the Labour Party, they used to be a good adversary and kept us honest. Act 4, scene 3.
It's easy! Just get the Unions to ask their members to stump up the cash!
But wait, their members don't have any money because of the governments stealth taxes!
What a wicked web we weave.....
I wonder, when the credit crunch and Brown's tax burden really starts to bite, will that "Ethical" bank the Co-op treat ordinary customers with the same tolerance it's shown the Labour party?
The Labour Party needs an "Abramovich" - a rich foreign sugar daddy. I nominate Robert Mugabe as I hear he has a bit of spare in various Swiss accounts. The only trouble is that he would insist of stringing up the shirtlifters and that may cause a kerfuffle amongst the Party rank and file, but apart from that he has all the "progressive" policies that Labour needs and can even match them for the speed with which he can lay waste to a booming economy.
Wouldn't Polly sell her villa to help them out?
Arabella could donate the fees from her next appearance on 'Grumpy Old Lefties' on TV.
Hazel could sell her motorbike.
Ruth could auction her hairshirt.
Someone asked about Prudence. I have it on reliable authority that she is being well taken care of. Oh, yes siree, WELL taken care of.
In fact, I can hear her half-smothered screams coming from a small back-bedroom at No. 10.
Poor bitch, she doesn't deserve it.
"Send in the liquidators" - there ought to be liquidators.
OT, but the Daily Mail website is carrying an x-ray of a Python 'that swallowed a pussy'. I've often felt that hungry. But not for pussy.
What is it with Glover and his boss?
Why take a Tory paper, print a load of socialist,nulab bollocks and then wonder why the sales keep falling..
Ahh, I seem to have answered my own question... They are socialists so only concerned with ideology not economics.
Luckily, like all socialists/ communists they will run out of cash and support and disappear.
That Glover article in the Mail sucking up to Brown was the final straw for me. I won't be buying that rag again.
Morally bankrupt, intellectually bankrupt and now financially bankrupt.
NuLabour, the first party in British political history to score the hat trick.
Gentlemen, mark this day well, you may wish to tell your grandchildren about it one day.
For Woman in a Raft @ 11.24
"If GB had stuck to that post-it note and not tried to channel his dead father's economic spirit, he'd be unassailable now"
The point about Nu Lab is that they got into office dressed in Conservative garb. It took one term in office - during which they had to stick to the original manifesto on which they were elected - and then they reverted to type with socialist tax and spend policies in the following Parliaments.(The Tories did nothing btw)
Brown's plan was to ditch the 'post-it note' all along. Of course he would have been 'unassailable' if he had stuck to it - but that wasn't what Brown was about. He's an old fashioned socialist and has got away with murder and the Daily Mail editor aided and abbetted it.
We now witness the Conservatives up to the same trick - to get into office as the 'nice' party whilst sticking to Gordon Brown's spending pledges. Some people honestly think that they will change to become 'real' Conservatives part way through office.
So let me think - that's 2 years to the next election ... 4 years of the first term of office pretending to be something else ... SIX YEARS before we can expect anything like the policies that this country needs.
But here is another point - I don't think that the Conservatives want to be Conservative any more, like the Labourites they want the power for its own sake. What you see now is exactly what you are going to get.
Ordinary people have no voice. Britain is finished.
Och, its all turning to shit ah tell ye. It's a' the fault o' that wee Miliband. Oonder ma leadership, e'n before yon wee scunner Blair, we ne'er ha' these problems. Darling an' Miliband, ye'l ken ma words here you Sassenachs that those 2 wee backstabbers are the real problem.
They're goon ha' to take me oot o' Downing Street one eyeball at a time, you see if they dinna try.
With all the taxpayers' money Labour have been throwing at the banks in recent months, you'd have thought that some grateful bankers would have offered to help them out wouldn't you?
What a fab day, 18 holes this morning, fried fat for lunch and a afternoon blogging!
Feet up coffee in hand and a giant spliff to expand my mind.
Wait a minute, this gear is working, I've just had a fantastic idea.....
Why not legalise cannabis and license the post office to sell it? they have all the security in place,
all the weighing equipment they'll ever need, and if its legal, labelled and weighed, no one will accidentally overdose!!!
Save the rural post offices, add to the governments coffers and sort out the cannabis issue in one fell swoop, i'm a genius!!!
And on top of all that, i'd only have a short walk to my dealer.
Oh shit, my boss tells me this is not a new idea, bugger, something seems to be affecting my memory these days, must be old age. Couldn't possibly be the skunk
Do you think Gordon was bullied by dope smokers at school? he certainly wants to put the boot in. For your info McBrown,
you were not bullied cos you didn't embrace the weed, but rather because you were, are, and always will be a cunt!
Hurrah for Harry, Cameroon and St George.
FWIW I blogged this on Mon - then the FT runs it as a lead story on Thurs :-)
i alwaus thought that Mr Broon bore a striking resemblance to Mugabe and shared the same principles when it came to votes/referendums, it now appears that they were born on the same day...all he needs is a good tan
If they have a bankruptcy sale can I buy snottys moral compass it may well point the way to blairs WMD.
Were all of NuLabs potential lenders made aware of the partys' fragile financial position and the unliklihood of them getting their money back ?
If not, does that make someone liable to the criminal charge of
" Gaining Pecuniary Advantage By Decepetion " ?
What these bastards (all of them) are angling to do is get the taxpayer to fund thrir political parties. Debts wiped out instantly and no beholdinmg to businessmen and corporations. They will of course NOT be beholding to the taxpayer. they do not represent us. We just have as choice of a curate's egg manifesto every 5 years. This is not democracy. Mind you, as every pol knows we are really too stupid to vote anyway. They want us to be compliant 'mushrooms'. Sheeple.#
God, I hate them!
I believe Prudence is kept in an Austrian-style cellar under Number Ten. Churchiil used to keep his brandy down there, so the doors are six feet thick, and proof against an atomic blast. McTwat sometimes goes down there to rape her in the ass, just for old time's sake, you understand. For everyday use he's got Davina Milipede in her gingham party dress. She'll do anything for a bag of sweeties that one, anal, watersports, the Foreign Office, anything daddy wants.
Bring in the liquidators, Beira Putin & Partners, who know exactly how to wind up this little gang of crooks.
I have started to de-string aunt Karla's grand piano in anticipation of the big day.
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