A leading trade union says it intends to cut its members’ affiliation with UK’s Labour Party and reduce funding to £150,000 from £1.2 million.GMB, the third largest contributing union to Labour, said in a statement on Wednesday they have voted to decrease the number of union members affiliated to the opposition party, which reduces affiliation funds by over £1 million each year. "The GMB central executive council (CEC) has voted to reduce its current levels of affiliation to the Labour Party from 420,000 to 50,000 from 2014,” the union said in a statement. "This will reduce the union's basic affiliation fee to Labour Party by £1.1 million per year.” The vote by the union’s 65-member executives decided the cuts that affect Labour’s budget will take effect in January. “GMB CEC expressed considerable regret about the apparent lack of understanding the proposal mooted by Ed Miliband will have on the collective nature of trade union engagement with the Labour Party,” GMB said in the statement. The union’s CEC explained Miliband’s reform proposals goes against the basis of Labour being a supporter of working people as well as ending the “collective engagement” of trade union members in the party.