The Northern Wreck is to be nationalised. Apparently the two bids left on the table, by Richard Branson's Virgin group and the management did not guarantee enough of our tax payers money.
This does rather beg the question though, why did we pour such a large amount of money into a bottomless pit in the first place and why did Gordon Brown remove the power the Bank of England hand to restructure a failing bank quickly as it did do to Johnson Matthey Bank. Labour complained at the time, but the action was swift and effective. (See here).
So now we are into the Northern Rock for at least £60 billion.
Labour isn't working.
The BBC has this.
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2 comments:
have you given up blogging?
No, I am just very busy personally at the moment. See
http://aconservatives.blogspot.com/2008/02/sorry-about-lack-of-posts-i-am-back-to.html
for some kind of explanation.
I will be back though.
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