Are The Pennies Dropping At Northern Rock?

The job losses there are because of EU state aid rules. Of course, some accommodation would probably have been found if the jobs had been at Canary Wharf; the London financial services world has never been able to comprehend the existence of a major institution headquartered in Newcastle. But even so, this whole affair should kill off one and for all the incomprehensible fantasy that the EU is any sort of Socialist project.