...a blog by Richard Flowers

Monday, April 19, 2010

Day 3394: Could Labour Go Bankrupt?


So Mr Frown wants to talk MORAL BANKRUPTCY?

As Ms Sandy Topsywig announced on the News Quiz, Nick Clegg received 61% public support after Thursday's debate and goes on to play Dorothy in the West End

As for Mr Balloon, only the LORD can save him now!

But the big loser was Mr Frown.

If Hard Labour CRASH in the polls, why would Unions pour good money after bad?

After Iraq we all KNOW that it's Hard Labour who're MORALLY BANKRUPT. After "no more boom and bust" we KNOW that they're INTELLECTUALLY bankrupt. But might they go ACTUALLY bankrupt?

What are the states of the Parties finances?

Well, we'll know just in time for the election, because the Electoral Commission have promised to report on the first quarter 2010 by 4th May, i.e. two days before.

But we CAN look at the end of December 2009.

Hard Labour owed over £16.8 million pounds, including £4.9 million (29%) to the Co-operative bank and another £1.7 million (10%) to the Unity Trust Bank. Almost all the rest of Hard Labour's debt (£8.8million or 52%) is made up of six loans from individuals at a million or two million pounds each, and all at the slightly odd-looking interest rate of "0% until 31st July 2010 then 6.5%"

This compares with the Conservatories who owed over £14.4 million pounds, of which £10 million was owed to three private banks, and another million – at least according to the Grauniad – to Lady Rothchild through a front company, Ironmade Ltd.

While the Liberal Democrats only have debts of a frugal £1.4 million, mostly a million pound loan from – ironically – the Royal Bank that We Own of Scotland. ("Ironically" because if we DID end up in Government we'd probably have to repay that to avoid a conflict of interest!)

So the serious question is, how can Hard Labour continue to fund its borrowings?

The Banks certainly WON'T pull the plug DURING a general election campaign. Because Labour could tell them to get STUFFED. Just about the ONLY thing that might restore Hard Labour's flagging fortunes would be if they could announce a "conspiracy of bankers" threatening to "steel the election".

But what happens afterwards?

The two Labservative Parties notoriously waste a huge gush of cash during general elections in the hope that they can recoup the money from kickbacks generous donations from faithful supporters in interested industries after the election.

And can anyone see ANY other way out of the HOLE that Hard Labour have dug for themselves than going begging to the Unions?

But just one of the Liberal Democrat's pledges for a new, fair, clean politics is to introduce a limit of £10,000 for donations to political Parties. Leaving Hard Labour with NO WAY OUT.

The INTEREST alone on a one million pound loan at 6.5% amounts to £65,000 – so Hard Labour's donor loaners wouldn't even be able to waive the interest payments!

(And it’s their own fault – we TRIED to negotiate limits to donations but the other Parties weren't having it!)

Hard Labour are DESPERATE to avoid REFORM of politics. Because it will RUIN them.

This weekend, the First Lord of Darkness waltzed into the struggle with some good old Labservative attacks on the Liberal Democrats – claims we're soft on immigrants (yes, the Conservatories are trying that one too), claims that Britain needs a Strong Government not a Hung Parliament (yes, the Conservatories are trying that one too), claims that a Hung Parliament gives disproportionate power to a third Party… look, Lord Mandelbrot, our PRINCIPLES say that you deserve a fair hearing even though you are in third.

But then he tells us that only one Party is "offering the real deal – radical reform of the Commons and Lords and the chance to vote for a new, fairer voting system" except he follows this with the HILARIOUSLY INSANE assertion that it's the LABOUR Party!

Forgive me, I may damage my stuffing if I laugh much harder.

Seriously, it's just politics when he says the Liberal Democrats will cut tax credits – I mean, it's NICE that Hard Labour want to waste money giving tax credits to the better off while making the lowest earners pay an increase in NI, but Liberal Democrats want to make the tax system FAIR and give a tax cut to millions of low- and middle-income earners.

It's just politics when he says that the Liberal Democrats will cut the child trust fund – I mean, it's NICE that Hard Labour want to waste money on a tiny gift to people when they turn eighteen, but Liberal Democrats want to spend that money on a Pupil Premiums for kids who need it when they need it most.

And it's just politics when he says that the Liberal Democrats would give an amnesty to illegal immigrants – I mean, it's NICE that Hard Labour want to leave people to ROT or to be TRAPPED in the underground jobs market on slave wages or in prostitution, but Liberal Democrats want to give them the chance to EARN their citizenship and to CONTRIBUTE to Britain through working and paying taxes.

As for claiming that the country needs "strong government"? Don't make me laugh any more! It is thirty years of "strong" Thatcherite Labservative Government that got us into this mess in the first place!

But saying that Hard Labour is the Party offering REFORM.

You had THIRTEEN YEARS – if you meant it, you'd have done it by now!

Hard Labour are ALREADY BANKRUPT – morally, intellectually, and by the looks of it financially.

They've already flogged off Transport House. But never mind their Headquarters, Hard Labour sold their SOULS to buy their way in to power – they've got nothing left to mortgage.

It's just another shocking twist of this election: that a Party that hasn't been bought and bribed might suddenly break through.


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