Will Labour lose its Co-op millions?

WITH the polls suggesting a hung Parliament, and possibly a second election within a year, the last thing the cash- strapped labour Party can afford is to lose any financial supporters.

But the party leadership is now desperately worried that the Co-op will sever its link, with the loss of millions of pounds.

last year, the mutual posted a £2.5 billion loss, the biggest in its 150-year history. The crisis saw the resignation of the financially illiterate Co-op Bank chairman Paul Flowers, a methodist minister dubbed the ‘Crystal methodist’ after being caught snorting illegal drugs.

now iain mcnicol, the party’s general secretary, has urged his members to join a campaign to try to block t he Co- op’s new management from ending its association with labour.

mcnicol’s message says: ‘For almost a century, the labour Party has been in partnership wi t h the Co-operative party, working together to create a fairer society. That partnership may now end.’

That partnership involves the Co- op giving labour £1.2 million in cheap loans, and bankrolling 40 MPS, including £50,000 for shadow chancellor Ed Balls.

The Co- operative Group, which r uns t he supermarkets, will consider any future tie-ups at its annual meeting next month.

in his letter, mcnicol says: ‘ Without the Co-op’s powerful voice the labour Party, and British politics, will be worse off.’

Well, the labour Party will certainly be worse off . . . to the tune of millions.

LABOUR is so desperate for cash in the final days of the campaign it’s shaking down children for money.

mcnicol sent an email quoting 14-year-old Gabriel from Bristol, who apparently said those nasty Tories are ‘ destroying t he health system, and their welfare plans are deeply unfair’.

mcnicol a dds: ‘ Ver y generously, Gabriel gave us £19.’ What a waste of pocket money.

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