
The cost of Brown’s meddling
Gordon Brown claims not to know what he should say sorry for. Well, he could start with apologising for his role in Lloyds’ takeover of HBOS. Iain Martin puts it perfectly in today’s Telegraph: “The catastrophe at Lloyds-HBOS is the ultimate New Labour scandal. It has the lot: cronyism, back-scratching, destructive micromanaging by Gordon Brown and an unimaginably large loss of public money. Consider what has just happened. At the height of the financial crisis in September, Sir Victor Blank, the chairman of a perfectly healthy Lloyds, connived in buying a stricken rival bank with the help of a desperate Prime Minister. The weight of toxic assets on HBOS’s books
