Labour Party membership is at its lowest since records began, according to party accounts revealed yesterday.

The figures, published by the Electoral Commission, show there were 214,952 individuals registered as members at the end of 2003.

That is the lowest figure since Labour started compiling individual membership statistics in 1928.

However, Tony Blair's party recorded an operating surplus of £2,637,000 last year, compared to a deficit of £924,000 in 2002.

Labour's income was boosted by an increase in donations from £4.6 million to £9.1 million, while running costs were reduced by the decision to buy its own headquarters building after the 2001 general election.

The Conservative Party's losses soared in the past year, according to their accounts.
The party had to use its reserves to cover a £2.4 million operating deficit during 2003, up from £560,000 in the previous nine months.

The Liberal Democrats' income rose to £4.1 million in 2003 from £3.7 million the previous year.