Labour looks to cut ties with Co-op Bank
The Labour Party is looking to cut ties with the Co-op Bank, the BBC reported today.
The move could bring one of the oldest political partnerships in the UK to an end, as The Co-op Movement and Labour joined as parties in the 1920s.
The BBC reported that Ian McNicoll, Labour's general secretary, is looking to move loans worth more than £1m to the trade union-owned Unity Trust Bank and that once this has been moved Labour would move all its current account facilities to the same bank.
The past twelve months have seen considerable controvery surround the bank, with the resignation of its chairman Paul Flowers, who now faces drugs charges, and the bank posting a £1.3bn loss earlier this month.
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