A coalition of unions is set to buy a majority stake in the left-wing magazine Tribune.

It is believed that a group of union leaders has agreed to write off debts of around £70,000 in exchange for a 51 per cent stake in the magazine which has a readership of around 10,000.

Their aim is to step up their attacks on the government over issues such as public services.

Labour MP Peter Kilfoyle, who is working on the restructuring plans, said he expected Tribune to become an even more articulate voice of the left as a result of the deal.