In The Herald this morning:
Labour’s finances in the red
The Labour Party has run at a deficit for at least two years, forcing it to dip into its cash reserves and highlighting one of the problems the party faced in last year’s election.
A copy of the party’s financial report obtained by the Herald…
The annual report used to be distributed at conference to delegates and the media, so it was never difficult to “obtain” (is this still the case?).
…shows it recorded a $71,373 deficit in 2014 and an even larger $104,915 deficit the year before, a shortfall president Professor Nigel Haworth put down to the costs of byelections and its leadership contests. That resulted in a $117,410 drop in its cash reserves ($612,378) and the value of its net assets dropped from $270,000 to $199,000. Those assets include about $500,000 in property.
After last year’s election, a review of Labour’s performance raised fundraising as a priority, saying the party risked ongoing “electoral failure” if it could not raise more money.
Hardly a secret!
Last year, Labour raised $940,000 in donations, a quarter of National’s $4 million. It spent $1.3 million on election advertising – half of National’s $2.6 million.
The left has always been, and probably will always be, out-spent by the political right. It is far from a level playing field. That’s just the way it goes when you represent ordinary workers and the poorer members of society.