GMB cash crisis
Kevin Curran, the former general secretary of the GMB, has revealed that the union ran out of cash two years ago.
In an interview with The Guardian Mr Curran said that when he took over the union was £8.3 million in debt and the bank was refusing to lend another penny.
Mr Curran embarked on a drastic cost cutting exercise, which included selling shares, the union headquarters, closing the union college and scaling back the pension scheme.
He told the paper: “There was no money in the bank. The loans with the bank were exhausted and the only thing I could do to get any money was to sell some of the union’s shares.”
Mr Curran resigned as head of the GMB earlier this year and has an agreement with the union not to talk about the reasons surrounding his departure.
