Labour's Recipe for Happiness

The Labour party is on the verge of bankruptcy - says the old Labour seadog, John Prescott - now Lord Prescott of Hull.

Labour is £20 million in the red - but aims to clear all its debts by 2016 - which all seems very admirable.

As Mr Micawber once said:

"Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six - result happiness.

Annual income twenty pounds, annual expenditure twenty pounds ought and six - result misery."

If the Labour party were a metaphor for the UK economy - you would have to say they are following the same policies laid down by the coalition government.

Labour is not trying to spend its way out of trouble - racking up ever more debts for someone else to take care of - at some point in the future.

Oh no - Labour is facing up to its problems - by deciding to live within its means.

Labour spent £10 million in this year's general election and is now heavily reliant on union bosses to provide the party with cash - never a good idea.

The big union donors in the second quarter of this year were: GMB - £1.05 million, Unite - £1.67 million and Unison - £1.2 million.

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