Labour racked up shock £4.8million loss after member exodus

LABOUR saw a £4.8million loss after 91,000 members quit last year, its accounts show.

The party raised £46million in 2021 but has spent £51million.

The “difficult and demanding year” was blamed on redundancy payments in a cost-cutting drive.

Labour insisted it was now “on track to a firm financial footing”.

Some grassroots campaigners have blamed the exodus on Sir Keir Starmer’s leadership.

But the losses reignited more party infighting as grassroots campaigners pointed the finger at Sir Keir’s leadership.

Momentum said his “pledge-breaking and factional approach have prompted an exodus of members and a financial crisis for the Party.”

The Lib Dems also racked up a £1million deficit after hemorrhaging 25,000 members.