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Labour seeks £10m loans delay
Labour is in emergency talks to renegotiate more than £10m of loans from wealthy businessmen to prevent itself running out of money. Most of the millionaires who secretly lent money to Labour in the run-up to the 2005 election ought to be repaid in the coming months but the party – which is £20m in the red – is in no position to do this. As a result, it is holding combined talks with all the lenders to find a single agreement that would allow the party to stagger repayments over up to nine years. An announcement is just weeks away, according to sources on both sides of the discussions.
Mike Power
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“Don’t you think morality is important?”
“Yes, but I don’t think importance is”
(Oscar Wilde)