Mike, the person behind politicalbetting.com, is also a 'major gifts fundraiser' and recently posted that Blair was selling peerages too cheaply – apparently it costs £5m+ to get an honourary degree from Oxbridge.

But it's worse than that: if the loans were indeed on commercial terms, then they will have been effectively free – I could have gone along to a bank, borrowed £1m, loaned it to Labour and paid off the bank with the payments…