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John Prescott warns of Labour Party financial problems

John Prescott, soon to take over the role of the Labour Party treasurer, has this weekend spoken out about the dire situation in which the Labour Party finds itself at the moment. He believes that the party is on the verge of "bankruptcy" if it does not find a short-term solution to a £20 million debt. He is of the opinion that the party must adapt to the new era of party political campaigning and refrain from the excessive spending seen in the past.

Ironically, the Labour Party is now campaigning for a limit to be placed upon the amount of money which any one party can plough into an election campaign. There was no mention of limiting political donations and political spending when the Labour Party was in power and the unions were throwing money at Tony Blair. However, the situation has now turned full circle and the Conservative Party is now in the ascendancy in relation to wealthy donors.

There's even a suggestion that future party political campaigning will be financed by the state, i.e. the taxpayer, taking away the need for wealthy individuals and wealthy associations to make any formal political payments. Whether this comes into force in the foreseeable future remains to be seen.

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