Labour 'on track to be debt free by 2015'
Tuesday 28 September 2010
The Labour Party is on a "sound financial footing" despite an increase in staff pension fund liabilities to £6 million, treasurer Jack Dromey said today.
Presenting last year's books to the party's conference, Mr Dromey said Labour's debts, racked up during a spending "arms race" with the Tories, would be cleared by 2015.
He told delegates in Manchester: "We have fundamentally transformed both our financial management and the finances of the Labour Party."
Mr Dromey said: "For 10 years, until five years ago, politics was gripped by a crazy arms race. Election expenditure tripled while membership of political parties halved. The Labour Party racked up debt."
But, as a result of the changes to the way the party's money was managed, Mr Dromey said: "We are on a sound financial footing. If five and six years ago we were £28 million in the red, we are now, as a consequence of that financial discipline and our new financial strategy, on track to be debt-free by 2015."
Mr Dromey, who is standing down as treasurer, said the pension deficit was "a problem" but insisted that "not for one moment" had the party considered ending its final salary scheme.
"A sacred principle for us is that our staff give outstanding service to this party and they are entitled to dignity and security in retirement," he said.
The party had a "robust plan" approved by regulators to deal with the £6 million deficit over a period of 12 years, he said.
- 1 Home Office says Nigerian asylum-seeker can’t be a lesbian as she’s got children
- 2 What happens to your body when you give up sugar?
- 3 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 4 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 5 Apple and Google users being spied on for a decade because of 'Freak' security flaw
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
Japanese island overrun with cats after population explodes
Bubonic plague-carrying fleas found on New York City rats
London property boom built on dirty money
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
£7 per hour: Recruitment Genius: A vacancy has arisen for a General Processor ...
£18000 - £22000 per annum: Recruitment Genius: A great opportunity has arisen ...
£14000 - £16000 per annum: Recruitment Genius: Full time and Part time positio...
£45000 per annum: Ashdown Group: An established and reputable Not for Profit o...