Loans of political parties revealed.

London (loans-bazaar) 1 December 2006: The Electoral Commission reveals that Labour had debts of almost £23m at the end of September. Loans of the Conservative Party was amounting to more than £35m. The Liberal Democrats had just over £1.1m of outstanding loans.

The Commission reported that altogether eight political parties' loans had been recorded. The total loans of all these parties amount £60.5m. It had been told by the chief executive Peter Wardle that the parties had complied well with new legislation - brought in amid cash-for-honours allegations earlier this year - requiring the declaration of loans for the first time.

However, he criticised Labour on their failure to declare "a significant amount" of donations on time, which is a statutory requirement for the last five years. The Labour Party, on the other hand reported the Electoral Commission that it has repaid loans worth £6,013,929 since its voluntary declaration made in August. The amount paid back The Tories amount £274,721 during the same period.

In the meantime, 16 parties had received £9m between July and September, as shown by the quarterly update of the register of donations. This figure includes £207,155 to Labour, £168,259 to the Tories and £23,181 to the Liberal Democrats. Those who declared their loans, £406,535 worth of donations should have been disclosed to the Electoral Commission during a previous quarter.


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