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Labour and Tory loans near £60m Labour and Tory loans total £59m
(20 minutes later)
The main political parties have outstanding loans worth about £60m, the Electoral Commission has said.The main political parties have outstanding loans worth about £60m, the Electoral Commission has said.
As of the end of September the Conservatives owed £35.3m, Labour £23.4m and the Liberal Democrats £1.1m.As of the end of September the Conservatives owed £35.3m, Labour £23.4m and the Liberal Democrats £1.1m.
It is the first time parties have had to declare all outstanding loans of more than £5,000.It is the first time parties have had to declare all outstanding loans of more than £5,000.
The commission also described as "unacceptable" Labour's failure to report a "significant amount of donations... on time".The commission also described as "unacceptable" Labour's failure to report a "significant amount of donations... on time".
The figures come as police are investigating whether party donors received honours in return for cash. All involved deny wrongdoing.The figures come as police are investigating whether party donors received honours in return for cash. All involved deny wrongdoing.
RepaymentsRepayments
A change in the law in September means all loans of £5,000 and above to main political party offices, and £1,000 and above to constituency and local offices, have to be declared.A change in the law in September means all loans of £5,000 and above to main political party offices, and £1,000 and above to constituency and local offices, have to be declared.
This brings the rules into line with those for donations.This brings the rules into line with those for donations.
The Scottish National Party had loans worth £525,393 in total and Plaid Cymru £352,000.The Scottish National Party had loans worth £525,393 in total and Plaid Cymru £352,000.
The Tories said they had repaid £274,721 since August and Labour £6,013,929.The Tories said they had repaid £274,721 since August and Labour £6,013,929.
Electoral Commission chief executive Peter Wardle said: "The parties have made good progress in ensuring they comply with the new legislation requiring the reporting of loans. The commission also revealed that during the third quarter of this year, the Conservatives received donations worth £4m, Labour got £3.2 and the Lib Dems £1.1m.
"But I am concerned that some are still struggling to report donations on time - a statutory requirement for the last five years. Electoral Commission chief executive Peter Wardle said the parties had made "good progress" in reporting loans but he was "concerned some are still struggling to report donations on time".
"The fact remains that over £400,000 of donations were reported late this quarter - that is, they were received, and should have been reported, in previous quarters."
Labour declared £207,155 of donations late, the Tories £168,259 and the Lib Dems £23,181.Labour declared £207,155 of donations late, the Tories £168,259 and the Lib Dems £23,181.
During the third quarter of this year, the Conservatives received donations worth £4m, Labour got £3.2 and the Lib Dems £1.1m.
'Unacceptable''Unacceptable'
Mr Wardle said: "While we acknowledge that local branches of parties, staffed largely by volunteers, may struggle to keep up with the administration of their finances, it is unacceptable that the Labour Party has failed to report a significant amount of donations to the national party on time. Mr Wardle said: "It is unacceptable that the Labour Party has failed to report a significant amount of donations to the national party on time.
"Labour have taken steps to improve their reporting procedures as a matter of urgency and we're working closely with them to ensure this happens.""Labour have taken steps to improve their reporting procedures as a matter of urgency and we're working closely with them to ensure this happens."
In response a Labour spokesman said the party "takes the issue of late donation reporting seriously" and is "determined to remedy" the situation.
Lib Dem chief executive Lord Rennard said the size of the amounts owed by Labour and the Conservatives could have an impact on the health of democracy.
He suggested that if people loaned money, rather than donated it, they could have more influence on policy as they could threaten to call in their loan.
Conservative chairman Francis Maude said 90% of Labour's donations in the quarter had come from unions, showing "how Labour's dependence on the unions continues to grow".
"Who knows what is being promised behind closed doors for the latest slew of cash revealed today?" he said.
CPS file
Following the eruption of the "cash-for-honours" affair, the Electoral Commission asked parties to report loans on a voluntary basis.Following the eruption of the "cash-for-honours" affair, the Electoral Commission asked parties to report loans on a voluntary basis.
However, the rules changed on 11 September with the implementation of the Electoral Administration Act, which means all outstanding loans have to be declared.However, the rules changed on 11 September with the implementation of the Electoral Administration Act, which means all outstanding loans have to be declared.
The honours investigation began after it was revealed the Labour Party had been given secret loans ahead of the last election, and that some of those lenders had subsequently been nominated for peerages.The honours investigation began after it was revealed the Labour Party had been given secret loans ahead of the last election, and that some of those lenders had subsequently been nominated for peerages.
The inquiry has been widened to look at the other main parties.The inquiry has been widened to look at the other main parties.
Police have spoken to 90 people, including some of Tony Blair's closest advisers, and, from the Conservative side, former leader Michael Howard.Police have spoken to 90 people, including some of Tony Blair's closest advisers, and, from the Conservative side, former leader Michael Howard.
Metropolitan Police Assistant Commissioner John Yates has said he hopes to present a report to the Crown Prosecution Service in January. No-one has been charged.Metropolitan Police Assistant Commissioner John Yates has said he hopes to present a report to the Crown Prosecution Service in January. No-one has been charged.