Northern Rock nationalised! or Is Darling out of control?

Chancellor Alistair Darling said he made the decision because the two private takeover offers on the table, did not offer the taxpayer “sufficient value for money”!

The problem for the chancellor, the same statement would be true if one looked his performance, he makes decisions and the taxpayer suffers – to the tune of £55bn, to be precise. Under the “new (Labour) strategy”, this will jump to a staggering £110bn – a whopping £3,500 per tax-payer. This is the first such move since the “good old days” of the 1970s, with the added spice that the shareholders have already promised legal action.

The government has recruited Mr. Sandler, the former Boss of Lloyd’s of London, to run Northern Rock. “It is business as usual, ” he said. I wonder if the tax-payers feel the same way. Or the employees for that matter, as there is the expectation of 1,000 job cuts under Mr. Sandler. In the absence of a vision for Northern Rock, there is always “restructuring”, cutting cost to you and me.

Mr Darling has seen his ratings fall, while he follows my new slogan for Labour:

  • Northern Rock – Too little. Too late.
  • Non-doms – Too little. Too late.
  • Capital Gains on Business Sale – Too little. Too late.

I can’t stop wondering, if the tax-payer is ever going to get “sufficient value for money” out of this government, or any of these disasters caused by this Labour government.

Personally, I can’t wait for the: Darling – Too little. Too late. ST

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