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Labour Party makes £7.5m surplus Labour Party reduces debts by £6m
(40 minutes later)
The Labour Party made a £7.51m surplus last year - compared with an £814,000 deficit in 2006 - accounts released by the Electoral Commission reveal. Labour cut its debt by more than £6m to £18.9m last year, figures from the Electoral Commission reveal.
The Conservatives recorded a £1.57m surplus, down from £4.2m. The Conservative Party reduced the amount it owed from £9m to £7.75m, while the Lib Dems ended the year £1.3m in the black.
And the Lib Dems recorded a deficit of £366,677 - compared with a surplus of £1.18m in 2006. Meanwhile, Sinn Fein was fined £500 for submitting its accounts after the 7 July deadline.
Meanwhile, the commission has fined Sinn Fein £500 for submitting its accounts after the official deadline of 7 July. The commission said it was looking at reforming the way parties present accounts to make them more consistent.
More fines Running costs
Its figures show that in 2007 Labour cut its net debt from almost £25m to £18.9m. Labour made a £7.51m operating surplus last year - compared with an £814,000 deficit in 2006 - accounts released by the Electoral Commission reveal.
Treasurer Jack Dromey said the party had shown "a new discipline of approach" and a determination to "live within its means".Treasurer Jack Dromey said the party had shown "a new discipline of approach" and a determination to "live within its means".
Meanwhile, the Conservative Party showed a reduction in debt from £9m to £7.75m. The Conservatives recorded a £1.57m surplus, down from £4.2m.
And the Lib Dems recorded an operating deficit of £366,677 - compared with a surplus of £1.18m in 2006.
The accounts put out by the commission also reveal that the Scottish National Party made a £240,590 deficit in 2007, compared with a £452,251 surplus in 2006.The accounts put out by the commission also reveal that the Scottish National Party made a £240,590 deficit in 2007, compared with a £452,251 surplus in 2006.
In the same period Plaid Cymru went from a £392,518 surplus to a £276,341 deficit.In the same period Plaid Cymru went from a £392,518 surplus to a £276,341 deficit.
As well as Sinn Fein's fine, the BNP's regional accounting unit has been issued with a £100 penalty notice for late filing of accounts. 'Key source'
As well as Sinn Fein's fine, the British National Party's regional accounting unit has been issued with a £100 penalty notice for late filing of accounts.
The Welsh Liberal Democrats' accounting unit has yet to give its details and the resulting fine will "depend on how late they are", the commission says.The Welsh Liberal Democrats' accounting unit has yet to give its details and the resulting fine will "depend on how late they are", the commission says.
"The accounts of a party are a key source of information for anyone wishing to find out more about a political party's finances," says chief executive Peter Wardle. "The accounts of a party are a key source of information for anyone wishing to find out more about a political party's finances," said chief executive Peter Wardle.
"Easy comparison between different parties' statements of accounts is not currently possible because parties and accounting units use different formats and naming conventions."Easy comparison between different parties' statements of accounts is not currently possible because parties and accounting units use different formats and naming conventions.
"The commission is consulting on prescribing regulations that will set out how accounts must be presented with more consistency and transparency.""The commission is consulting on prescribing regulations that will set out how accounts must be presented with more consistency and transparency."