Sometimes the best small business lessons can be learned in the media. Here in the UK we have one of those lessons happening right now: Northern Rock!
One of the UK’s embattled mortgage lenders, Northern Rock got in to trouble and what should have been resolved in private has turned into the biggest economical and financial debacle ever. Rarely has a financial crisis been so incompetently handled by everybody concerned.
Without wanting to bore you with all the details, the exposure for the British tax-payer could get up to £100bn, but suffice to say Mr Darling, the Chancellor, has been at the forefront of this “incompetence wave”.
The result will be an even bigger squeeze on public spending, crime, our schools, crumbling health service. And of cause small business is going to suffer, as Mr. Darling will have to find new ways to tax us all, to pay for his incompetence.
Small Business and Government Lesson – Never throw good money after bad! Have a nice weekend – ST.