Prescott warning on Labour finances

Lord Prescott warned the Labour Party was almost bankrupt and must get a grip of its finances.

The former deputy Prime Minister, who wants to be Treasurer, said the party had forgotten how to organise and called for limits on party political spending.

Membership had also fallen dramatically and the party was about 20m in debt, he added.

“We want a strong Treasurer who’s involved in the membership drive, putting a proper financial account into the party.”

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