Tuesday’s announcement that the Treasury will guarantee lending from other banks to Northern Rock is last ditch bid to avoid having to nationalise the bank. But in truth, most of the best options were closed off by inaction back in September.
National Rock? With the announcement this morning of a further extension of the scope of the Treasury’s guarantee of Northern Rock liabilities, nationalization of the crippled mortgage lender looks an even stronger bet than it did yesterday.
Disagree with half of it, enjoy reading all of it
TRY A MONTH FREE
Our magazine articles are for subscribers only. Try a month of Britain’s best writing, absolutely free.
Already a subscriber? Log in
Comments
Join the debate, free for a month
Be part of the conversation with other Spectator readers by getting your first month free.
UNLOCK ACCESS Try a month freeAlready a subscriber? Log in