Labour's £5million blackhole

8.37.00am UTC (GMT +0000) Fri 5th Sep 2008

It has been revealed Wolverhampton's Labour Party left the Council's finances with a £5million blackhole.

When preparing the budget the Labour Party assumed that they would receive a £5million dividend windfall from shares in Birmingham International Airport.

Colin Ross, Chair of Wolverhampton South West Liberal Democrats said "It is highly irresponsible for the Labour Party to have made such an assumption on income, now the City Council is left with a £5million blackhole in the budget. This is the latest in a long line of things that have come to light since Labour lost control back in May, it looks like it is going to take even longer to repair Labour's damage than first expected."

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