GMB sells assets to pay staff

The UK's fourth largest union, the GMB general union, hit serious financial difficulties last month just as new general secretary Kevin Curran took the reins.

The union was forced to sell £1 million of shares to ensure staff were paid after it was informed by its bankers that its overdraft limit had been reached.

Curran told his executive that the union had "a very serious operating costs deficit." The latest certification officer's annual report shows the union spent £2.5 million more than it received in income in 2001-2002. However, it put total assets at £52.4 million.