Brexit & EconomyPoliticsLabour revamps accounting amid election rumours

Labour revamps accounting amid election rumours

New accounting system for Labour party helps it control its overheads and reduce debts

The Labour party has revamped its accounting system, wiping out debts ahead
of a mooted election.

Labour party treasurer Jack Dromey revealed the existence of the new system
this week at the Labour party conference.

‘The new accounting system introduced at the start of the year gave
management the tools required to monitor performance against budgets and ensure
costs are controlled,’ said Dromey.

He said expenditure had been reduced by 15% ‘so that we were “living within
our means”,’ with a reduction in staff numbers from 291 to 158.

His report, accepted by delegates, said that in 2006 the party recorded a
deficit of £814,000 compared with a deficit of £14.5m in the previous year.

He said: ‘Debt has been repaid and the overall financial position of the
party has improved, though considerable work has still to be done. The party is
clear in its requirement to reduce the overall debt burden through improvement
in commerciality and efficiency allowing the containment of costs.’

He added that the sale of the part HQ in Old Queen Street, London, and a move
to open-plan offices in Victoria had reduced debt by £6m.

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