It’s the ‘general election that never was’ all over again. New Labour have spent so long pratting around, unable to make a decision over the inappropriately named Northern Rock (more like a millstone round all our necks) that they have now left themselves with no option but to nationalise it, ‘temporarily’.
Not content with exposing the taxpayer to £55 million liability, in a spectacular example of Nick Leeson-onomics, New Labour have gone double, or nothing - ramping the exposure up to £110 million!
This matter will no doubt see some considerable comment so I shall limit my myself to observing that this averages around £3,500 for each taxpayer. Personally, if I had any choice in the matter at all, I could think of a few things I would rather have spent £3,500 of my hard earned cash on.