John Prescott to run for party treasurer

Former deputy PM wants to tackle the difficult task of improving Labour’s finances.

John Prescott has announced that he is seeking nominations to become treasurer of the Labour Party when the newly elected MP for Birmingham Erdington, Jack Dromey, vacates the position at the conference in September.

It is a surprising decision on Prescott's part, considering he is nearly 72 and is expected to be named a life peer in Gordon Brown's forthcoming resignation honours list. The position of party treasurer is usually a stepping stone to greater prominence, Bevan, Callaghan and Foot all having contested it in their time, rather than a cushy retirement number for a former cabinet minister.

This is not an honorary title with attractive perks, but a challenging and relatively low-profile seat on the committee that must steer Labour back into power. Yet here is Prescott, putting himself forward for what could be the biggest challenge of his political career -- that of attracting donors to fill Labour's empty coffers.

The cost of this month's general election, in votes and in cash, will make the task very difficult.

There is no political or personal gain for Prescott in this position. It carries no salary. So we can only assume that his motives stem from loyalty to the party. Prescott has pointed out that he has long experience both in and out of government, and there's no doubt he would make an energetic fundraiser.

His own account of his activism during the election demonstrates that he is not ready to retire yet, and still has a vision for the future of the Labour Party:

During the general election I travelled 5,000 miles on my Prescott Express battle bus, campaigning for candidates in more than 70 constituencies . . . It became very clear to me during my journey that we have an enormous job to do in rebuilding our party, reconnecting with the electorate and getting Labour ready as an effective opposition party and the next government-in-waiting.

If he is successful in rejuvenating the party's finances, he will ensure that it won't be for just Jags and punches that he's remembered.

Caroline Crampton is assistant editor of the New Statesman. She writes a weekly podcast column.

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Lord Sainsbury pulls funding from Progress and other political causes

The longstanding Labour donor will no longer fund party political causes. 

Centrist Labour MPs face a funding gap for their ideas after the longstanding Labour donor Lord Sainsbury announced he will stop financing party political causes.

Sainsbury, who served as a New Labour minister and also donated to the Liberal Democrats, is instead concentrating on charitable causes. 

Lord Sainsbury funded the centrist organisation Progress, dubbed the “original Blairite pressure group”, which was founded in mid Nineties and provided the intellectual underpinnings of New Labour.

The former supermarket boss is understood to still fund Policy Network, an international thinktank headed by New Labour veteran Peter Mandelson.

He has also funded the Remain campaign group Britain Stronger in Europe. The latter reinvented itself as Open Britain after the Leave vote, and has campaigned for a softer Brexit. Its supporters include former Lib Dem leader Nick Clegg and Labour's Chuka Umunna, and it now relies on grassroots funding.

Sainsbury said he wished to “hand the baton on to a new generation of donors” who supported progressive politics. 

Progress director Richard Angell said: “Progress is extremely grateful to Lord Sainsbury for the funding he has provided for over two decades. We always knew it would not last forever.”

The organisation has raised a third of its funding target from other donors, but is now appealing for financial support from Labour supporters. Its aims include “stopping a hard-left take over” of the Labour party and “renewing the ideas of the centre-left”. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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