It’s the anniversary of the Northern Rock nationalisation today, and I’ve just done a discussion on Simon Mayo’s R5 programme arguing why the occasion is not to be celebrated. Rosie Winterton, the pensions minister, was saying nationalisation was a great success. Her argument is worth recording here because it gives a clue why Labour’s poll rating may sink sink further.
Look at the pensioners, Winterton said; nationalisation of NR rescued them from losing all their savings. Did it really? Wasn’t the the savings guarantee offered on 9 Oct 07 (which stopped the run on the bank)? Nationalisation – or, as it was called then, “temporary public ownership” – came in fully on 18 Feb 08, as most people listening would know. It’s one thing to lie about a Tory manifesto pledge, another to lie about events the public can clearly remember for themselves.
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