Miliband Accuses Cameron Of Co-Op 'Smear'

The Labour leader has hit back at questions over his relationship with the disgraced former Co-op Bank chairman claiming it is all Tory smears.

Ed Miliband accused the Prime Minister of taking a "serious situation at the bank" and using it to make a "cheap political point".

He said: "I think what this episode says is more about the character of the Prime Minister than the character of Labour's relationship with the Co-op.

"We have a Prime Minister who, when he sees a serious situation at the bank, turns to make cheap political points rather than sorting out that serious situation.

"And frankly if David Cameron is determined to smear his way through the next 18 months that's wrong and that is not what the British people expect from their Prime Minister."

He said the Conservatives were "throwing around wild accusations" regarding the disclosures that the Labour Party benefitted from up to £18m of "soft loans".

Paul Flowers speaking about trust in the Co-op Bank in 2012

Mr Miliband said: "As soon as I knew about Reverend Flowers' activities he was suspended from the Labour Party and now what needs to be happen is there does need to be a look at the regulatory issues around the regulation of the Co-op and Reverend Flowers' role in that ."

He said the Labour Party had a "historic relationship" with the Co-op that long pre-dated Mr Flowers involvement with the bank.

Electoral Commission documents show a significant number of loans made to the party at more favourable interest rates than those extended to ordinary customers.

One £1.2m loan deal was made just weeks after the ex-Methodist minister Mr Flowers was invited to a meeting at Mr Miliband's office in March this year.

It has also emerged that Mr Flowers was brought on to the Labour Party's business advisory group and the party is under pressure to explain a £50,000 donation to the shadow chancellor, Ed Balls.

Mr Flowers, who led the Co-op for three years until 2013, is being investigated by the police for allegedly buying and using illegal drugs including crystal meth, crack cocaine and ketamine.

Cameron pledges an inquiry into Mr Flowers' appointment to the bank

It has also emerged that he was convicted for drink-driving in 1990 and for gross indecency in a toilet with a man in1981.

In 2011 he resigned his role on Bradford council after being caught with pornography on his council laptop and it has been claimed he falsely claimed £75,000 from a drugs charity when he was chairman of trustees in 2004.

Speaking in the House of Commons on Wednesday after pledging an inquiry into Mr Flowers' three years at the helm of the Co-op Bank, Mr Cameron said: "What we can now see is that this bank, driven into the wall by this chairman, has been giving soft loans to the Labour Party, facilities to the Labour Party, donations to the Labour Party, trooped in and out of Downing Street under Labour, still advising the leader of the Labour Party.

"And yet, now we know, all along they knew about his past. Why did they do nothing to bring to the attention of the authorities this man who has broken a bank?"

Mr Flowers has also been accused of incompetence and resigned his £132,000-a-year post as chair in June after a £1.5bn black hole was discovered in its finances.

The bank found a massive gap following the purchase of Britannia Building Society in 2009 and abortive attempts to take on hundreds of Lloyds branches.

Mr Flowers stumbles when answering MPs' questions

It now faces a rescue which will see 50 branches close and investors including US hedge funds take control of 70% of the business.

During an appearance before the Commons Treasury committee earlier this month, Mr Flowers stumbled over basic facts and figures relating to the bank.

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