POLITICS

5 Things You Should Know About Unity Trust, Labour's New Bank

24/04/2014 11:10 BST | Updated 24/04/2014 11:59 BST
ASSOCIATED PRESS
Ed Miliband, right, the newly-elected leader of Britain's opposition Labour Party, his deputy Harriet Harman, center, and Ed Balls, left, shadow Education Secretary and an unsuccessful candidate in the Labour Party's 2010 leadership election, listen to a speaker at Labour party's annual conference, in Manchester, England, Wednesday Sept. 29, 2010. (AP Photo/Lefteris Pitarakis)

Labour is reportedly keen to move its custom from the Co-Op Bank as their historic partnership was strained by the Co-Op's organizational chaos that saw it make eye-watering losses of over £1 billion.

The party's plan to move its £1.2m loan and current account from the Co-Op to the Unity Trust Bank has been seized upon by the Tories. Tory chairman Grant Shapps warned that the move "would hand the trade unions even more control over Ed Miliband and the Labour Party."

Are the Tories right? Here are 5 things you need to know about the Unity Trust Bank, who Labour are hoping could be a better bank than the troubled Co-Op are now turning out to be.

5 things you should know about Unity Trust Bank, Labour's successor to the Co-Op