Jeremy Corbyn said earlier this week that his party was “ready” for a general election

Labour lost more than half a million pounds last year, official figures show, amid fears among its MPs that it is ill-prepared for a general election.

The party suffered a shortfall of £655,000 in 2018, compared with a surplus of £1.45 million the previous year, according to Labour’s annual report.

The loss was caused in part by rising staff numbers and a dip in membership. In August it was revealed that 45,784 people had left the party in the year to December 2018, leaving it with just above 518,000 members.

Earlier this week Jeremy Corbyn, the Labour leader, said that his party was “ready” for a general election. Mr Corbyn, who has twice ordered Labour MPs to vote against an election, said he