Labour’s financial crisis is serious stuff, according to today’s FT:

"It's a pretty drastic situation," said one senior Labour figure. "There are indications that Labour is looking to cut at least 40 per cent of its workforce as part of the restructuring programme and that's a horrible backdrop with which to go into party conference."

In fact, New Labour is reportedly so hard up it cannot afford to finance its next party political broadcast.

I suppose I should dig out that Kinnock quote about the grotesque chaos of a Labour Party – a Labour Party – handing out redundancy notices to its own workers because it has been unable to sell enough honours to wealthy businessmen. But that would cheap. Wouldn’t it?