And again Vince Cable was proved correct.
However, the question now is whether the Government can make a fist of managing a bank. What are the odds?
Will they make lots of people in Newcastle unemployed? Seems unlikely.
Will they drive poorer people out of their houses, when they default on mortgages? Seems unlikely.
Will Northern Rock prove to be a huge financial success under Government management...
Will taxpayers be protected...
John