Other People's Money


Here are some incredible figures about what the Co-op has been doing with its members money, apparently:

  1. The Co-operative Group gave £880,000 in political donations last year - including sponsorship for 32 MPs who sit on a joint Labour and Co-operative party ticket. 
  2. Including Ed Balls, Labour's shadow chancellor - whose office received £50,000 to fund a researcher.
  3. Labour has separately received millions of pounds in “soft” loans and generous credit facilities from the Co-op Bank over the years. 
  4. Labour has also accrued £2m in commission for promoting Co-op credit cards to its members. 

£2 million - how can that be correct when you consider that the Labour Party has less than 150,000 members across the UK?

 Sounds like money for old rope, if you ask me - can you imagine if one of the big High Street  gave their customers money away like that to the Conservatives or Lib Dems.

 So, I'm pleased to hear that there is a move within the Co-op to bring these ridiculous arrangements to an end - the sooner the better.

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