Thursday, July 27, 2006

A question of interest?

The main parties accounts make painful reading

Those famous loans

Something ain't right with the interest charge on the loans made to the Labour Party

Interest on the loans to the Labour Party, per their accounts is 6.5% to 6.75%. Yet if you assume all loans were made prior to 31 March, when the election campaign started, then there's some severe amount of interest gone missing, how does a £1 million loan only accrue £11,000 rather than £48,000 of interest.

The Conservatives had £14.5m of such loan liabilities - but the interest chargeable was an expected £1.07m, despite the terms of the loans having almost identical interest terms described in the accounts.

So how did Labour have £11.95m of loans yet the interest thereon only came to £436k?

Labour's so-called commercial loans are paying interest at a lower rate, approximately half, than their overdrafts or mortgages from the Co-Op. Which makes even less sense when you consider that mortgages and overdrafts are lower risk, and hence lower interest rate, due to the security and right to call in at any time. Anyone would think that interest was only charged when complaints were made about the loans were non-commercial and really gifts.

Pension Deficit

The Labour Party has a £6.5m pension fund deficit. This is only fair when you consider how much they've stuffed everyone elses' old age savings.


Its not just Prescott who has more homes than he needs, Tory Party money is still being wasted on renting out Smith Square.

What do they all do?

Another question is how does CCO have an average of 192 staff. When I worked there I reckon that the yearly average would barely make a 100.

Overall these accounts beg the question, why should the taxpayer fund political parties when they make such a ham-fisted effort with the money they already have


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