Monday, 18 February 2008

New Labour nationalises Failed bank Northern Rock

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.

2 comments:

Baht At said...

quite - how many more soldiers have to be killed through lack of basic equipment because some nutter has spent all the money on rescuing a bunch of northern spivs?

Phil A said...

Well, I wouldn’t have put it is those exact terms, but I wholeheartedly agree that there are certainly better things the State could and should have spent the cash on - and one of those is definitely the adequate provision of British troops fighting at the orders of that same State.