Northen Rock

February 27, 2008

Yes I know another thing about northern rock, but hey it’s big news. The Northern Rock Transfer Order 2008 has been passed, transferring all shares in the troubled bank into government hands. They currently Claim it’s in the consumers best interest, I disagree this acutely means taxpayers’ liabilities will increase to £110bn, the equivalent of £3,500 per taxpayer. Thanks for that ill just empty my pockets now then? Well according to Transport Secretary Ruth Kelly the government was confident that in time the bank could be sold back to the private sector and “every single penny” would be returned to the taxpayer with interest. Sounds good if it works but if it don’t . . . Well let’s just say I will be moving out of the country for a long time because the recession will hit hard fast and last a long time. If Northern Rock was put back into public sector hands will it ever have its consumer trust back? I doubt it.

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Posted in Business/Stocks