News Article - 27 September 2007
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The Labour party has revealed that a new accounting system introduced at the beginning of the year has helped it to manage it finances better.

Accounting Age reports that the party's treasurer Jack Dromey commented on the new system at Labour's conference this week.

Mr Dromey said that the party's expenditure had been reduced by 15 per cent and the overall financial position of the firm had improved significantly, according to the news provider.

"The new accounting system introduced at the start of the year gave management the tools required to monitor performance against budgets and ensure costs are controlled," Mr Dromey stated.

The party is aiming to reduce its debts through greater efficiency, he added.

Mr Dromey also told delegates at the conference that the party was looking to restore "trust and confidence" over how it raised money for elections, the BBC reports.

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