Forensic analysis of party finances submitted to Electoral Commission comes to grim conclusion of financial mismanagement and disaster
Analysis by a former candidate to be Labour’s treasurer of the party’s latest financial disclosure to the Electoral Commission concludes that Labour will be bankrupt in about a year and a half if its current financial course continues.
Esther Giles has published a Twitter thread of her findings on a set of dire results – which included an astonishing 65% increase in remuneration to the party’s ‘senior management’ despite an appalling performance and the lost of over 91,000 members (and many more in reality) in a single year:
As she continues her thread, Giles notes an expenditure of £6million on ‘political activities and publishing’ that the party has not explained and clearly could not afford:
And she ends her thread by listing her concerns – and a conclusion that the party will rapidly be bankrupted by financial mismanagement if it keeps going the way it has been run so far:
And the situation appears to be getting worse. As Dave Levy in a separate analysis notes, the rich individual donors Starmeroids have been hoping would come back to the party once Starmer had signalled his lack of interest in making changes to benefit the many have failed to materialise and union donations – by far the mainstay of Labour’s income – is likely to fall rather than increase because of Starmer’s assault on democracy and betrayal of their members interests. Levy has also noted that the party’s running costs – 80% of the total – seem out of control.
So much for the party being ‘run by the grown-ups’, as Starmer’s supporters claimed. His predecessor Jeremy Corbyn left the party with healthy finances and a surplus of over £13million, despite the huge costs of fighting the 2019 general election. In just over two short years, it seems Keir Starmer and David Evans have set Labour on course for financial oblivion.
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