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?

CFD Ed 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.