Northern Rock should be nationalised
The government has pumped £25 billion or so into Northern Rock. I believe the only way to safeguard the public's money is to nationalise Northern Rock, ideally with the major shareholders getting no compensation, this will safeguard people's money and jobs and ensure £25 billion of public money isn't just used to prop up failing private business.
I see Richard Branson and friends are circling like vultures, US companies are expected to make bids too. I think however nationalisation is the only way forward; I don't see any of the potential buyers wanting to stand behind Northern Rock without the government and Bank of England's support (and money).
Categories: Politics Tags: northern rock
18th November 2007 16:16:12, 106 words, 453 views
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Comment from: Lee [Visitor] · http://www.labour4yeovil.org.uk
The very notion of throwing more money into Northern Rock is inconceivable. After £25bn of taxpayers money wasted already to support the bank we should be saying 'enough is enough'. Thatcher privatised because nationalised industry couldn't support itself. If privatised industry can't support itself, should not it (by using Thatcherite logic) be nationalised?
19th November 2007 @ 19:44