/24-7PressRelease/ - LONDON, UK, December 03, 2006 - The Electoral Commission reveals that Labour had debts of almost 23m at the end of September. Loans of the Conservative Party was amounting to more than 35m. The Liberal Democrats had just over 1.1m of outstanding loans.
The Commission reported that altogether eight political parties' loans had been recorded. The total loans of all these parties amount 60.5m. It had been told by the chief executive Peter Wardle that the parties had complied well with new legislation - brought in amid cash-for-honours allegations earlier this year - requiring the declaration of loans for the first time.
However, he criticised Labour on their failure to declare "a significant amount" of donations on time, which is a statutory requirement for the last five years. The Labour Party, on the other hand reported the Electoral Commission that it has repaid loans worth 6,013,929 since its voluntary declaration made in August. The amount paid back The Tories amount 274,721 during the same period.
In the meantime, 16 parties had received 9m between July and September, as shown by the quarterly update of the register of donations. This figure includes 207,155 to Labour, 168,259 to the Tories and 23,181 to the Liberal Democrats.
Those who declared their loans, 406,535 worth of donations should have been disclosed to the Electoral Commission during a previous quarter.
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