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Labour cuts ties with troubled Co-op Bank

Labour cuts ties with troubled Co-op Bank

Labour is to end its long standing relationship with Co-op Bank, following a troubled year that saw its former chairman Paul Flowers (pictured) resign in a storm of controversy.

According to the BBC, the party is moving a £1.2 million loan to the Unity Trust Bank, with the rest of its current account facilities to follow.

'The Labour Party is constantly reviewing its financial arrangements and all decisions including any loan consolidations will be taken for commercial reasons,' a spokesperson said.

Flowers is now facing drug possession charges. A report out next week is expected to blame poor governance for the near collapse of the Co-op Bank.  

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Profile: Quilter Cheviot boss Baines sees more consolidation ahead

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