The Rock nationalisation was a major error !!

[Sockpuppet]

I think it should have been left to go to the wall.

[ratewhore]

Gordon Brown said it was the right thing to do and I believe him...

[Cyberman]

http://www.johnredwoodsdiary.com/cat...northern-rock/


'3. The UK market still has the problem of Northern Rock, which remains a negative influence on reviving the mortgage market because the government nationalised it. If instead of nationalising Northern had been offered this kind of support, it could now be offering new loans on a significant scale. Because it is under strict controls to repay the £24 billion taxpayer debt, and under strict surveillance not to be too competitive as a subsidised bank, it cannot play an important role in reviving the mortgage market in the UK.'





John Redwood, a Tory MP, speaks a lot of commonsense. Northern Rock should never have been nationalised, and was purely a victim of being the first to request funding from the BofE once the money markets had dried up. To give out up to 100 Billion in loans to other banks while forcing the Rock to repay 24 Billion pounds at a time of liquidity crisis shows the real incompetence of New Lie.