I've sent out this press release tonight regarding New Labour funding. It will be interesting to see if any of the Labour AM's respond in the area. It's laughable that New Labour describe themselves as Socialists while receiving such donations from big business backers. I don't understand how so many Union's can continue to supporter New Labour. Frankly, they are supporting a party that they wish they had in an ideal reality, and not the New Labour that exists today.
Plaid Candidate Slams Labour for Cash from City Asset stripper
Plaid candidate for South Wales West, Bethan Jenkins has today slammed the Labour party following reports in the Sunday Times that the Labour party has received substantial donations by two private equity investors- Nigel Doughty and Sir Ronald Cohen. Bethan called on Labour candidates in the South Wales West regions to publicly pledge that none of this money will be used by them during the Assembly campaign.
Plaid’s Bethan said:
‘These big business supporters of New Labour according to the Sunday Times donated £250,000 each to New Labour in 2006. Sir Ronald Cohen has reportedly given £800,000 to the Labour party and is seen as one of Gordon Brown’s financial backer. They have made their fortune from the private equity business which is effectively asset stripping. Trade Unions accuse private equity firms of buying up businesses and then closing factories and discarding employees, or reducing pension benefits to make a profit.
As a politician who believes in fighting to help ordinary working people, I find it incredible that the Labour party are receiving money from individuals who have made their fortunes in this line of business.
Bethan added:
The Labour party in Wales is not a separate accounting unit, which means that the money to fund their Assembly campaign in Wales will come from their London HQ. I am challenging Labour candidates throughout the region to publicly declare that they will not use a single penny of this money in South Wales West.
The Labour party say that they are happy to receive donations from people and organisations who share their values. It just goes to show how right wing the Labour party has become if they consider asset strippers to share a compatible view on economic prosperity and social justice.”
Notes
South Wales West region covers Swansea West, Swansea East, Gower, Neath, Aberavon, Ogwr, Bridgend constituencies
Labour are quoted in the Sunday Times as saying ‘The Labour party receives support from many individuals and organisations that share our values of economic prosperity coupled with social justice.’
Unions claim private equity firms are funding Labour to avoid a tax clamp down. They currently enjoy tax concessions of only 10% tax on capital gains
Sir Nicholas Cohen is founder and former Chairman of Apax partners and is estimated to have a fortune of £260m. Apax bought into Focus, the UK’s 3rd largest DIY chain for £120m. The company was last week put up for sale with debts of £280m. Apax reportedly doubled their money on the investment.
Plaid Candidate Slams Labour for Cash from City Asset stripper
Plaid candidate for South Wales West, Bethan Jenkins has today slammed the Labour party following reports in the Sunday Times that the Labour party has received substantial donations by two private equity investors- Nigel Doughty and Sir Ronald Cohen. Bethan called on Labour candidates in the South Wales West regions to publicly pledge that none of this money will be used by them during the Assembly campaign.
Plaid’s Bethan said:
‘These big business supporters of New Labour according to the Sunday Times donated £250,000 each to New Labour in 2006. Sir Ronald Cohen has reportedly given £800,000 to the Labour party and is seen as one of Gordon Brown’s financial backer. They have made their fortune from the private equity business which is effectively asset stripping. Trade Unions accuse private equity firms of buying up businesses and then closing factories and discarding employees, or reducing pension benefits to make a profit.
As a politician who believes in fighting to help ordinary working people, I find it incredible that the Labour party are receiving money from individuals who have made their fortunes in this line of business.
Bethan added:
The Labour party in Wales is not a separate accounting unit, which means that the money to fund their Assembly campaign in Wales will come from their London HQ. I am challenging Labour candidates throughout the region to publicly declare that they will not use a single penny of this money in South Wales West.
The Labour party say that they are happy to receive donations from people and organisations who share their values. It just goes to show how right wing the Labour party has become if they consider asset strippers to share a compatible view on economic prosperity and social justice.”
Notes
South Wales West region covers Swansea West, Swansea East, Gower, Neath, Aberavon, Ogwr, Bridgend constituencies
Labour are quoted in the Sunday Times as saying ‘The Labour party receives support from many individuals and organisations that share our values of economic prosperity coupled with social justice.’
Unions claim private equity firms are funding Labour to avoid a tax clamp down. They currently enjoy tax concessions of only 10% tax on capital gains
Sir Nicholas Cohen is founder and former Chairman of Apax partners and is estimated to have a fortune of £260m. Apax bought into Focus, the UK’s 3rd largest DIY chain for £120m. The company was last week put up for sale with debts of £280m. Apax reportedly doubled their money on the investment.
