Labour close to bankruptcy

The Labour party is £20m in debt and “on the verge of bankruptcy”, former deputy Prime Minister John Prescott warned yesterday. The 72-year-old ex-ship’s steward, who is campaigning to become party treasurer, said Labour needed to find smarter and more cost-effective ways to take on the cash-rich Conservatives. In an implicit criticism of former leaders Tony Blair and Gordon Brown, Prescott told the Scottish Parliament’s Festival of Politics: “The politics of organisation are equally important as the politics of ideas. We forgot about the organisation bit.”