As, together with "unimpressive", Nigel Lawson today describes the City boys who keep threatening to leave the country if they do not get their own way. He also calls for the whole of RBS to be nationalised, so as to force it to lend to business. That's right. Nigel Lawson.
But he is still only halfway there. Investment banking and retail banking should be split completely. All of the banks should be turned into mutual building societies, ironclad as such by statute, the same Statute Law that already forbids building societies from engaging in investment banking.
Apart, that is, from the public stakes in HBOS and RBS, which should indeed be increased to 100 per cent. Those are permanent, non-negotiable safeguards of the Union, as public ownership always is. Therefore, the profits from each of those stakes should be divided equally among all the households in the United Kingdom.