Labour Party to sever ties with Co-op Bank

The Labour Party and the beleaguered Co-op Bank are heading for a divorce.

The BBC has learnt that negotiations have begun to move a £1.2m loan Labour has with the Co-op Bank to the Unity Trust Bank. The party reportedly plans to move all its current account facilities too.

Labour used to have a £3.9m overdraft facility at the bank, until last year.

A Labour Party spokesperson said: “The Labour Party is constantly reviewing its financial arrangements and all decisions including any loan consolidations will be taken for commercial reasons.”

Last week, the Co-op Group announced a loss of £2.5bn and said 2013 had been a “disastrous” year and the worst in its 150-year history.

Now read:

Co-op posts £2.5bn loss after “disastrous” 2013

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