Labour's cash crisis is eased by old pals' act

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The party has been given nearly £5million this year - mostly from the trades unions and Indian steel tycoon Lakshmi Mittal.

The Electoral Commission figures show that the gifts have helped Labour cut its debts from £27million to £20million.

But the party is still having to pay back millions in loans to wealthy businessmen and needs a £15million war chest to fight the next general election.

Sources say many donors are holding back cash until Chancellor Gordon Brown takes over for fear of being "tainted" by the scandal which has engulfed the Prime Minister and his senior Downing Street aides.

In contrast, the Conservatives received £3.7million - mostly in donations of up to £50,000 from individuals - and paid £19.25million in loans through selling its Smith Square London HQ.

The figures show that Labour received just 12 donations of more than £10,000 from sources other than the unions. The Tories received 82.

A Labour spokesman said: "The restructuring process has given us significantly greater financial stability compared to a year ago.

"However, the party remains in a financially challenging situation."

The Liberal Democrats' income has gone from £2.3million to £1.16million.