Labour Looks At Breaking Ties With Co-Op Bank

Labour is considering breaking its historic links with the struggling Co-op bank.

The party has confirmed it is "reviewing its financial arrangements", but insists it is for commercial reasons.

It is reported Labour is looking to move loans worth more than £1m to the trade union-owned Unity Trust Bank, in which the Co-op Bank is thought to have a 27% stake.

This could pave the way for Labour to move all its current account facilities to the same bank.

It follows a year of turmoil at the Co-op bank, which came close to collapse and saw the resignation its chairman Paul Flowers, who is now facing drug charges.

The bank recently reported a pre-tax annual loss of £1.3bn, and said it would not return to profit for at least two years.

And the parent Co-op Group, confirmed a loss of £2.5bn for 2013, in what it described as a "disastrous year".

A Labour Party spokesman said: "The Labour Party is constantly reviewing its financial arrangements. All decisions are taken for commercial reasons."

The move would see one of the oldest political and banking relationships come to an end.

The Co-op Movement and Labour joined as parties in 1927, and the financial links are thought to have started then.

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