I bought the Financial Times (a copy not the whole paper group) for more details on the Northern Rock announcement than I suspected the Daily Post might provide. (Tom Bodden can relax as I also paid up for a Daily Post and his conference coverage). Having read all the issues and debates I conclude the Government was clearly between a rock and a hard place. Damned if you do and damned if you don't - a politicians nightmare.
With shareholders ready for legal action I am sure there was lots of legal advice about 'due process' and having to consider all options before anouncing the 'N' word.
So Newnight tells me Tuesday's papers are running hard on the associated costs of advice.
I take a tangental debating point. How would such a situation unfold in a seperate state of the sort Plaid Cymru often describe?. With the membership of the UN and all that I assume comes financial independence etc?. I am not sure what happens to the customers of these banks and how are the financial products regulated after seperation ? Would a seperated Wales have to chip in that proportion of its citizens costs who hold the equivalent of Northern Rock mortgages ?
Useless specualtion in the real world that Darling must sort out but the sort of big issue that I feel puts 'seperation' in a global context.
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I would encourage them to invest in the Principality, where over 80%of finance is raised from savings and not high risk overseas financing, as with Northern Rock.
Shouldn't you be picking on the Tories here, who oppose nationalisation yet have no other answers?
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