Labour deputy leader Tom Watson will keep the £540,000 donated to him by Max Mosley

LABOUR has revealed it will not be taking any more money from Max Mosley as MPs demanded deputy leader Tom Watson repays the cash.

Jeremy Corbyn’s spokesman revealed they had no plans to pay back £540,000 gifted by the tycoon to Mr Watson’s office.

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Following yesterday’s racism revelations, the spokesman branded comments made by Mr Mosley as “utterly repugnant”.

But Tories rounded on Labour for keeping the cash.

Senior backbencher Jacob Rees-Mogg said: “He ought to pay it back with interest.

“Max Mosley is now doubly disgraced.”

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Fellow Tory Andrew Bridgen hit out: “Returning the money from Max Mosley is the very least Labour should be doing.

“They have been censured twice in the last few weeks for breaching equality law and Labour should be very keen to distance themselves from somebody associated with that sort of vile, racist language.”

MORE ON THIS STORY:

• Max Mosley’s dark past of conflict, kinky sex and ‘racist shame’
• Former F1 boss Max Mosley admitted an election leaflet with his name on it was ‘probably racist’
• Labour No2 Tom Watson urged to give back £500k Max Mosley donation after former F1 boss’s racism scandal
• Labour say they’ll refuse to take more cash from Max Mosley after racist leaflet scandal – but deputy leader Tom Watson won’t return £500k donation
• Max Mosley faces probe over whether he lied in infamous orgy trial
• Police to investigate Max Mosley after being handed dossier on his racist leaflets by prosecutors

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Tory Party deputy chairman James Cleverly said: “Tom Watson should seriously consider distancing himself from Mr Mosley and returning the money.”

As shadow culture secretary Mr Watson would be in charge of overseeing media regulation if Labour came to power and, alongside Mosley, has been an advocate of curbs on the Press.

Watson uses the money to fund his private office, the third largest in Parliament.

He boasts nine full-time staff. Only Mr Corbyn and shadow chancellor John McDonnell are understood to have more staff.