I continue to be amazed that Labour’s own internal financial problems haven’t been a bigger issue.

The issue is one that goes to the heart of their integrity, competence and fitness to Govern.

A pet theory of mine, as yet untested, is that the way parties run themselves internally is probably one of the best indicators we have about what a Government run by that party will be like. I base this on the idea that parties can run their parties however they like so, in effect, it exposes how they view authority, organisation, hierarchy, democracy etc. In addition we can see how they manage their communications, how they manage their own internal processes in drawing up policies, making announcements and finally – and crucially – we can see how they run their finances.

Is it reasonable to believe that an undemocratic, highly centralised, tightly disciplined party with strict processes and chains of command and rules about what people can and can’t say to whom would somehow then produce a decentralised, open, democratic government that values civil liberties? The very idea seems absurd, and in practice – in reality – Labour’s approach to Government appears to mirror their approach to their own internal organisation.

More relevant and important – can you believe that a party with a well documented “spend now, worry later – nothing must get in the way of winning” reckless, scorched earth attitude to funding election campaigns, landing them in serious debt would run the public finances with prudence, care and diligence?

Time has told on this one – Labour have run the public finances with the same ‘whatever it takes to win’ attitude, and has left our public finances mirroring their own.

The Times today runs a story that alleges Ray Collins, Labour’s General Secretary, has attempted to seize assets held by local branches of Labour – not to repay the debts they have, but to be able to borrow more against them. A very ‘Labour’ solution to the problem of impending financial (and electoral) doom. The NEC have stopped this – they fear that if they begin securing more borrowing against all the assets Labour has, they stand to lose absolutely everything.

It is desperate, humiliating stuff.