Peter Hoskin

The nationalisation of Northern Rock

The nationalisation of Northern Rock
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The BBC are reporting that Northern Rock is to be nationalised.  The move comes after Richard Branson's overtures to the beleaguered company were rejected.

It's yet another case of Government dithering, and one of the most monumental yet.  This was true back in January - when the Chancellor had allegedly found a private sector solution to the saga – but it's even more marked now.  Darling has reached this end by the most circuitous route possible, and the calls for him to lose his job must only be amplified.

But worse than the dithering is the fact that even further liability will be heaped upon the taxpayer.  If we had a Government which safely managed public money this needn't be too much of a problem.  But we don't.  This is the Government of Waste – public spending and taxes have been ramped ever upwards; borrowing has sky-rocketed; and then there's the off-the-balance-sheet debt-keeping.  Can we really trust them to run a bank?