Wednesday, 24 January 2018

When is a loan not a loan?

When is a loan not a loan?

The answer, when it's a loan made to Jeremy Corbyn.
Name of donor: Momentum Campaign (Services) Ltd
Address of donor: Walkden House, 10 Melton Street, London NW1 2EJ
Amount of donation or nature and value if donation in kind: interest free, unsecured loan of £50,000 towards my campaign for leadership of the Labour Party. This loan is for an indefinite period.
My definition of a loan would be an amount of money borrowed from a bank (or elsewhere), that has to be repaid, usually with an extra amount or money paid as a charge (interest) for borrowing.

This 'loan' to Jeremy Corbyn however is interest free and for an indefinite period, isn't that a donation?

I wonder if the BBC would be interested in pursuing this matter.  I'd say that they would be about as likely to investigate this as they were about the Labour Party's Co-op bank overdraft facility. Remember that for the BBC nothing must be allowed to get in the way of a Labour Party win at the next general election.

Donor record from UK Parliament publications

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