Dines' Days : They dithered and still came up with nationalisation

They dithered and still came up with nationalisation

BACK from the Peak District and its stunning scenery. I also went to the Floor 23 bar of the Manchester Hilton Hotel - the views are stupendous of the city and beyond.

Driving home to the news that Northern Rock has been nationalised. Why did the Government - Brown and Darling - dither? Nationalisation was mooted in the autumn, but the poor dears couldn't make a final decision and so left everyone up in the air for months. Job losses in Labour's north east heartland are inevitable, as those running the bank will try to reduce its exposure to the mortgage market.

Another fine mess. A New Labour government buying an enterprise that got itself into difficulties - just like Tory Ted Heath who was forced to take Rolls Royce into public ownership in 1971.

posted on 18 February 2008 15:54 by Graham Dines

Comments

27 February 2008 09:07 by David Houseley

# re: Who's dithering ?

Why all this rubbish about the Govt dithering. Everyone agrees that firstly, they had to intervene to save investors money,(an no investor lost a penny) and secondly more input to stop the business going bust.Everyone also agrees that a private sale would have been best,so it was the private sector consortia trying to put togther a practical and acceptable bid that held things up.They failed so nationalisation became the only practial way of we taxpayers getting our money back. Seems to me the Govt has acted perfectly properly all the way down the line. It may take 3-5 years to finally resolve it, but that's OK if it has preserved financial stability, which so far it has. DH